FxWirePro: USD/ JPY slips lower as yen rises after BOJ hike

• USD/JPY slipped sharply lower   on Friday as yen rose after the Bank of Japan (BOJ) hiked rates to their highest since the 2008. 

• At its two-day meeting ending Friday, the BOJ increased its short-term policy rate from 0.25% to 0.5%, marking the highest level in 17 years for Japan.

• The move highlights the central bank's commitment to gradually raising interest rates to about 1%, which will keep Japan's economy stable without slowing it down or overheating.

• A daily close below 50%fib will further improve bearish outlook, and open the possibility of drop towards 154.50.
 
•  Immediate resistance is located at 156.64 (38.2%fib), any close above will push the pair towards 158.12 (Jan 15th high).

•  Support is seen at 154.99 (50%fib) and break below could take the pair towards 153.35 (61.8%fib).

Recommendation: Good to sell  around 155.50, with stop loss of 156.30 and target price of 154.50