• USD/JPY saw a modest gain on Thursday as the dollar strengthened in holiday-thinned trade.
• The yen is headed for its fourth straight year of losses after depreciating by almost 10% versus the dollar this year.
• Japanese authorities last intervened in the currency markets in July, buying yen to support its value after it fell to a 38-year low below 161 yen per dollar.
• At GMT 11.28,the dollar was up 0.24% at 157.56 against Japanese yen .
• Immediate resistance is located at 157.74 (23.6%fib), any close above will push the pair towards 158.48 (Higher BB).
• Support is seen at 156.27 (Dec 23rd low) and break below could take the pair towards 155.00(Psychological level).
Recommendation: Good to buy around 157.20 with stop loss of 156.40 and target price of 158.00
