• USD/JPY strengthened on Tuesday as U.S. tariff concerns lifted the dollar across the board.
• Trump announced plans to impose tariffs on imported computer chips, pharmaceuticals, and steel to encourage domestic production in the United States.
• Market relief from President Donald Trump not immediately raising tariffs on U.S. trading partners after taking office last week has quickly faded.
• At GMT 09:51,the dollar was up 0.65% at 155.47 against yen.
• Immediate resistance is located at 155.83 (38.2%fib), any close above will push the pair towards 156.73 (Jan 22nd high).
• Support is seen at 154.34 (50%fib) and break below could take the pair towards 152.69 (61.8%fib)
Recommendation: Good to buy around 155.30, with stop loss of 154.50 and target price of 156.80
