FxWirePro: USD/JPY slips towards 146.00 level as safe-haven yen gains

• USD/JPY slipped lower against the yen on Thursday as yen held to gains following more progress on trade deals between the United States and its largest trading partners.

• A flurry of trade pacts between the U.S. and countries such as Japan, Vietnam, Indonesia, and the Philippines has bolstered market confidence.

• Markets were highly attentive to trade negotiations, amid reports from two EU diplomats that the U.S. and European Union are working toward a deal that may include a 15% baseline tariff on EU goods with some exclusions.

• In addition to trade developments, investors await the European Central Bank’s rate decision scheduled for later today.

•  At GMT 06:06, the US dollar was down 0.28% to 146.10 against the   Japanese yen.

• Immediate resistance is located at 146.28(SMA 20), any close above will push the pair towards 146.98(38.2%fib).

•  Support is seen at 145.35(50%fib) and break below could take the pair towards  143.69(61.8%fib).

Recommendation: Good to sell around 146.30, with stop loss of 146.90 and target price of 145.60