FxWirePro: USD/JPY caught in narrow range, bias bearish

 • USD/JPY inched higher on Friday but gains were capped amid growing expectations of a BoJ rate hike.

•The BOJ is expected to restart the cycle of hikes after pausing for months to assess the impact from U.S. President Donald Trump’s tariff campaign.

•Markets have fully factored in the current rate move, attention among Bank of Japan observers is expected to center on signals regarding the pace of future hikes and the cycle’s peak.

• Ueda made an uncharacteristic speech earlier this month in which he clearly telegraphed a rate hike at this meeting.

• In the Dec. 2–9 survey, 90% of economists (63 out of 70) predicted the Bank of Japan would lift short-term rates to 0.75% from 0.50% at next week’s meeting.

• Immediate resistance is located at 156.01(SMA 20), any close above will push the pair towards 157.42(Higher BB).

•  Support is seen at 156.74 (Lower BB) and break below could take the pair towards 154.44 (38.2%fib)

Recommendation: Good to sell  around 155.80 with stop loss of 156.50 and target price of 154.80