• USD/JPY steadied on Thursday as traders were cautious on further intervention from Japanese authorities amid persistent Yen weakness.
•Japan and the U.S. recently coordinated a rare yen-buying intervention as authorities sought to curb extreme fluctuations in the Japanese currency.
• The yen has struggled to gain momentum even after subdued US inflation data reduced pressure on the Federal Reserve to raise interest rates in the near term.
•On the data front, Japan's annual wholesale inflation remained elevatedin July, data showed on Thursday, highlighting broadening price pressures and reinforcing market expectations of an interest rate hike in September.
• Japan's annual wholesale inflation remained elevatedin July, data showed on Thursday, highlighting broadening price pressures and reinforcing market expectations of an interest rate hike in September..
• Immediate resistance is located at 159.59(50%fib), any close above will push the pair towards 160.70(SMA 20).
• Support is seen at 158.57 (Aug 12th low) and break below could take the pair towards 157.61(38.2%fib).
Recommendation: Good to buy around 159.30, with stop loss of 158.40 and target price of 160.00
