FxWirePro: USD/JPY edges higher but bulls lack punch

•USD/JPY is trading firmer on the back of overall dollar strength, holding in the 159.48–159.80 range in, with momentum still tilted to the upside.

•The pair is once again approaching the 160.00 level, widely viewed as a potential trigger point for intervention by Japanese authorities to curb excessive yen weakness.

•Traders expect renewed verbal intervention  from Japanese officials, who are likely to step up warnings against rapid currency moves.

•With the weekend approaching, market participants are reluctant to take on large or aggressive positions, limiting volatility in the near term.

• Immediate resistance is located at 160.09(23.6%fib), any close above will push the pair towards 160.42(Higher BB).

•  Support is seen at 159.39(Daily low) and break below could take the pair towards 158.68 (38.2%fib)

Recommendation: Good to buy around 159.65 , with stop loss of 158.70 and target price of 159.95