FxWirePro:USD/JPY neutral in the near-term, scope for downward resumption

 • USD/JPY ticked higher on Wednesday as investors were cautious  ahead of the key BoJ meeting this week.

• The BOJ is likely to raise its short-term policy rate to 0.75% from 0.5% at its December 18-19 meeting on receding fears President Donald Trump's tariffs will severely hurt the export-reliant economy.

•Ahead of the key central bank event, rising confidence in a Bank of Japan rate hike this week is likely to keep the JPY supported.

•Japan’s exports to the U.S. rebounded in November for the first time in eight months, signaling easing pressure from U.S. tariffs, government data showed on Wednesday.

• Japan’s total exports by value rose 6.1% year-on-year last month, marking a third straight monthly increase after a 3.6% gain in October and beating the median market forecast of a 4.8% rise.

• Imports rose 1.3% year-on-year last month, falling short of market expectations for a 2.5% increase.

• Immediate resistance is located at 155.52(38.2%fib), any close above will push the pair towards 155.92(SMA 20).

•  Support is seen at 154.11 (Lower BB) and break below could take the pair towards 153.51 (50%fib)

Recommendation: Good to sell  around 155.10 with stop loss of 156.00 and target price of 154.20