FxWirePro: USD/JPY stuck in range but maintains bearish bias

• USD/JPY   remained close to seven weeks low amid expectations that the Bank of Japan could soon raise interest rates again.

• Over the weekend, Bank of Japan Governor Kazuo Ueda stated that interest rate hikes are nearing as economic data, including October inflation figures from Tokyo, show positive trends.

• The yen   which was the sole G10 currency to strengthen against the dollar last month, hit a high of 149.09 on Monday, its strongest level since late October

• Markets are now pricing in a 56% chance that the BOJ will raise rates by 0.25% to 0.5% at its policy meeting on December 18-19.
 
•  Immediate resistance is located at 150.34 (SMA 5), any close above will push the pair towards 150.60 (38.2%fib).

• Support is seen at 149.27(23.6%fib) and break below could take the pair towards 148.87(Oct 16th low).               

Recommendation: Good to sell around 150.10, with stop loss of 151.00 and target price of 149.00