FxWirePro: USD/ JPY steady but trend lower looks likely to resume

 • The USD/JPY edged higher initially but gave up ground as the market awaited Bank of Japan rate decision  .

• The BOJ is anticipated to hike interest rates on Friday, bringing short-term borrowing prices to levels not seen since the 2008 financial crisis.

• The BOJ ended negative interest rates in March and raised its short-term rate target to 0.25% in July on the view Japan was on track to sustainably meet the bank's 2% inflation target.

• At GMT 06:16 the pair was trading up 0.15 percent  at 155.68.
 
• Immediate resistance is located at 156.25(38.2%fib), any close above will push the pair towards 155.67 (23 Dec high).

•  Support is seen at 155.02(50%fib) and break below could take the pair towards 154.64 (Lower BB)

Recommendation: Good to sell  around 155.80, with stop loss of 156.70 and target price of 154.70