• USD/JPY initially gained on Wednesday but gave up some ground as investors digested BOJ rate decision.
• The Bank of Japan kept rates unchanged Wednesday, assessing the impact of potential U.S. tariff hikes on its export-driven economy.
• The board voted unanimously to maintain the bank's short-term policy rate at 0.5% at a two-day meeting that ended on Wednesday.
• The decision followed global slowdown fears from Trump’s tariffs, outweighing signs of progress toward Japan’s 2% inflation target.
• At GMT 08.21,the dollar was up 0.12% at 149.44 against Japanese yen .
• Immediate resistance is located at 150.00 (Psychological level), any close above will push the pair towards 150.84(50%fib).
• Support is seen at 149.20(38.2%fib) and break below could take the pair towards 147.37(23.6%fib ).
Recommendation: Good to sell around 149.50, with stop loss of 149.90 and target price of 148.50
