• 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
