FxWirePro: USD/JPY steadies around 159.30,retains bid tone

• USD/JPY steadied  around 159.30  on Friday   as the impact of U.S. and Japanese intervention faded, leaving traders to wager another round of official buying would be needed to stem the rot.

• Japan could conduct further joint yen intervention “at any time” and signal faster-than-expected rate hikes to curb yen weakness, former top currency diplomat Mitsuhiro Furusawa told Reuters..

•Markets are already pricing earlier and further BoJ rate hikes after U.S. Treasury Secretary Scott Bessent urged Japan to back currency intervention with stronger policies and fundamentals.

•The yen has given back about half of its gains from late-July and early-August intervention, weakening around 1% this week to 159.43 per dollar. It was near 164 before the intervention, with traders viewing 160 as a potential trigger for fresh official action.

• Immediate resistance is located at 156.66 (Daily high), any close above will push the pair towards 159.41 (50%fib).

•  Support is seen at 157.50 (38.2%fib) and break below could take the pair towards 156.17(Lower BB).

Recommendation: Good to buy  around 159.00, with stop loss of 157.50 and target price of 160.00