FxWirePro:USD/JPY recovers briefly, bearish outlook still prevails

• USD/JPY recovered from two and a half month low on Friday as investors booked profits on short position ahead of  long weekend.

• Despite this short-term bounce, the overall market sentiment still carries a bearish bias, with the next key target set at 149.00.

• On the data front, Japan's core consumer inflation hit 3.2% in January for its fastest pace in 19 months,   reinforcing expectations that the central bank will keep raising interest rates from levels still seen as low.

• The year-on-year rise in the core consumer price index (CPI), which excludes fresh food prices, slightly surpassed the median market forecast of a 3.1% gain, following a 3.0% increase in December.

• At GMT 11:23, The greenback  was last  trading up 0.52% to 150.35 against Japanese  yen.
 
• Immediate resistance is located at 150.74(50%fib), any close above will push the pair towards 152.10(61.8%fib).

•  Support is seen at 149.39 (38.2%fib) and break below could take the pair towards 148.70 (Feb 12th low)

Recommendation: Good to sell  around 150.50, with stop loss of 152.50 and target price of 149.00