FxWirePro: USD/JPY hovers near 160, outlook bullish

• USD/JPY hovered near 160 on Tuesday  after U.S. Treasury Secretary Scott Bessent ramped up pressure on the Bank of Japan to raise rates this month.

• Japanese Finance Minister Satsuki Katayama said she met with Bessent and agreed that orderly yen movements are critical for global market stability.

•Japan and the United States agreed to continue coordinating to achieve "orderly" yen moves, which were crucial for global market stability, Finance Minister Satsuki Katayama said after a meeting with her U.S. counterpart Scott Bessent.

• The BOJ next meets for a policy decision on September 17 and 18, when markets nearly fully expect it to raise rates to 1.25% from 1% following a hike in June.

•Markets are pricing in a 73% chance of a hike from the BOJ later this month, but analysts suggest there needs to be a much stronger follow-through by the central bank.

• Immediate resistance is located at 160.71 (Higher BB), any close above will push the pair towards 161.32(61.8%fib).

•  Support is seen at 159.61(50%fib) and break below could take the pair towards 159.19(SMA 20)

Recommendation: Good to buy   around 159.70, with stop loss of 159.00 and target price of 160.50