FxWirePro: USD/ JPY struggle to extend its recovery,good to sell on rally

 • USD/JPY initially dipped on Thursday but recovered ground after Japan’s Finance Minister Satsuki Katayama issued   verbal warnings on the sidelines of the G20 meetings.

•Following a meeting with U.S. Treasury Secretary Scott Bessent, Katayama said the U.S. and Japan have agreed to maintain closer communication on foreign exchange rates

  • Japanese Finance Minister Satsuki Katayama said on Wednesday that she had informed her G7 counterparts Tokyo is closely monitoring market movements, including currency fluctuations, amid heightened volatility.

• Many central banks are adopting a wait-and-see approach amid uncertainty over the Middle East conflict and rate hike impacts, Katayama said after the G7 meeting.

•Bank ​of Japan ​Governor ⁠Kazuo Ueda also attended the G7 meeting, ​though Katayama declined to ​say ⁠how the uncertainty could affect its interest rate decisions.

• Immediate resistance is located at 159.20 (SMA 20), any close above will push the pair towards 160.00 (Psychological level).

•  Support is seen at 158.68(38.2%fib) and break below could take the pair towards 158.33 (Lower BB)

Recommendation: Good to sell  around 159.20, with stop loss of 159.70 and target price of 158.40