• USD/JPY slipped lower on Wednesday as yen rallied on Mideast ceasefire declaration by Trump
• More than five weeks after U.S. and Israeli strikes on Iran, Donald Trump agreed to a two-week ceasefire ahead of his deadline for Tehran to reopen the Strait of Hormuz.
• Iran's Supreme National Security Council portrayed the deal as a victory, claiming Trump had accepted Iran's conditions for the pause
• The yen was also supported by intervention fears after Japanese authorities warned against currency weakness, along with expectations of a near-term Bank of Japan rate hike.
• Immediate resistance is located at 159.24(SMA 20), any close above will push the pair towards 160.64(Higher BB).
• Support is seen at 158.11(38.2%fib) and break below could take the pair towards 157.60 (Lower BB)
Recommendation: Good to sell around 158.40, with stop loss of 159.00 and target price of 157.60
