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• USD/JPY traded in narrow range as traders continued to balance the prospect of tighter-for-longer Federal Reserve policy against expectations for further Bank of Japan normalization..
• The pair remained within its recent trading range around 159.00, with USD/JPY trading between 159.22 and 159.30 in Asia so far today.
• The lack of a decisive breakout suggests that investors remain cautious ahead of further U.S. monetary-policy signals.
•BOJ Deputy Governor Ryozo Himino said timely rate hikes would help avoid an inflation spike that could force abrupt tightening later.
•Himino, however, stopped short of language similar to that used ahead of the BOJ's January 2025 meeting to flag a rate hike in a speech and a subsequent press conference.
• Immediate resistance is located at 159.62 (61.8%fib), any close above will push the pair towards 160.25 (Higher BB).
• Support is seen at 158.83 (SMA 20) and break below could take the pair towards 158.17(50%fib).
Recommendation: Good to buy around 159.30, with stop loss of 158.50 and target price of 159.80
