FxWirePro: USD/ JPY stays bid with wary eye on Venezuela developments

 • The USD/JPY firmed on Monday as the U.S. dollar strengthened amid rising geopolitical tensions, with investors reacting to fresh uncertainty surrounding President Trump’s aggressive stance on Venezuela.

• The move has injected renewed volatility into global markets, boosting demand for the greenback.

  • Market participants are now bracing for a data-heavy week, with particular focus on the upcoming U.S. jobs report, which is expected to play a key role in shaping near-term Federal Reserve rate expectations.

• Meanwhile, Bank of Japan Governor Kazuo Ueda said on Monday that the central bank will continue to raise rates if economic and price developments move in line with its forecasts.

• At GMT 08:22 the pair was trading up 0.34 percent  at 155.93.
 
• Immediate resistance is located at 157.57(23.6%fib), any close above will push the pair towards 158.42 (Higher BB).

•  Support is seen at 156.08(SMA 20) and break below could take the pair towards 155.67 (38.2%fib)

Recommendation: Good to buy around 156.90, with stop loss of 156.00 and target price of 157.50