FxWirePro: USD/JPY runs out of steam but maintains bullish outlook

 • USD/JPY eased slightly on Wednesday as investors awaited the Federal Reserve's Jackson Hole symposium later this week for clues on the path for monetary policy.

• Fed Chair Jerome Powell will deliver a speech at the Kansas City Federal Reserve’s Jackson Hole symposium on Friday, with investors closely monitoring his remarks for signals on the future path of U.S. monetary policy.

• Investors also await the release of the July Fed minutes, which may shed light on the Federal Reserve’s policy stance..

•Interest rate futures point to two rate cuts of 25 basis points each this year, with the first one expected in September.

•On the data front, Japan posted an unexpected trade deficit in July as exports fell for a third straight month on weaker global demand and U.S. trade policy shifts

•  Japan posted a trade deficit of 117.5 billion yen ($800 million) in July, according to government data released Wednesday.

• Immediate resistance is located at 147.94(SMA 20), any close above will push the pair towards 148.83(38.2%fib).

•  Support is seen at 147.10(50%fib) and break below could take the pair towards  146.15(Lower BB.

Recommendation: Good to buy around 147.30, with stop loss of 146.50 and target price of 148.20