• USD/JPY traded in tight ranged on Tuesday as traders were on alert to any intervention from Japanese authorities.
• Japan's Finance Minister Katsunobu Kato warned on Tuesday that authorities are ready to intervene to stabilize the yen amid excessive foreign exchange fluctuations.
• Japan last intervened in the currency markets in July, conducting a yen-buying operation to support the currency after it dropped to a 38-year low, falling below 161 yen per dollar..
• At GMT 12.00,the dollar was up 0.03% at 157.14 against Japanese yen .
• Immediate resistance is located at 157.67 (23.6%fib), any close above will push the pair towards 158.78 (Higher BB).
• Support is seen at 156.12 (Dec 20th low) and break below could take the pair towards 155.18(23.6%fib).
Recommendation: Be on side-lines
