FxWirePro: USD/JPY edges up, remains on front foot

• USD/JPY edged higher on Tuesday as yen weakned despite verbal warnings from Japanese authorities on Tuesday.

• Japan’s finance minister said the government stands ready to act against forex volatility as the yen neared 160 per dollar.

• Bank of Japan Governor Kazuo Ueda said underlying inflation is accelerating toward the bank's 2% target, stressing that price rises must be matched by solid wage gains.

• The remarks came ahead of the central bank's two-day policy meeting ending on Thursday, where the board is widely expected to keep interest rates steady at 0.75%.

• Rising oil prices from the Middle East conflict are adding inflation pressure and complicating the BOJ’s rate decisions, given Japan’s reliance on energy imports.
 
•  Immediate resistance is located at 159.78(23.6%fib), any close above will push the pair towards 160.36(Higher BB).

•  Support is seen at 158.60 (March 16th low) and break below could take the pair towards 157.86(38.2%fib).

Recommendation: Good to buy  around 159.30, with stop loss of 158.50 and target price of 160.00