• USD/JPY stayed buoyant on Wednesday as uncertainty over timing of next BOJ rate hike weighed on Japanese yen
• BoJ Governor Kazuo Ueda said he discussed the economy, markets, and FX moves with Prime Minister Shigeru Ishiba on Wednesday.
• Ueda noted that exchange rates were discussed within the wider context of economic and market developments but declined to provide further specifics..
• On monetary policy, Ueda reaffirmed that the BOJ remains ready to raise interest rates further if economic and price trends align with its projections.
• Ueda’s comments came after Deputy Governor Ryozo Himino warned on Tuesday of global uncertainty, remarks that weighed on the yen as investors viewed them as less hawkish than expected.
• Immediate resistance is located at 149.28(Higher BB ), any close above will push the pair towards 150.91 (Aug 1st high).
• Support is seen at 147.60(SAM 20) and break below could take the pair towards 147.15 (61.8%fib ).
Recommendation: Good to buy around 148.50 with stop loss of 147.20 and target price of 149.50
