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FxWirePro: USD/JPY edges higher after BOJ minutes

• USD/JPY edged higher on Monday  as yen weakened after Bank of Japan meeting  minutes  .

• Minutes from the Bank of Japan’s July meeting showed that many policymakers were increasingly concerned about rising inflation risks, with some favoring faster rate hikes, strengthening the case for further increases in borrowing costs.

•Minutes showed on Monday that many members of the nine-member BOJ board believed the central bank was gradually shifting its policy focus toward anchoring underlying inflation around its 2% target amid rising inflation risks

• The July meeting minutes highlighted growing concern among policymakers over mounting inflation risks, with some members warning that rising wholesale prices could increasingly feed through into broader consumer price pressures..

Meanwhile,  A key gauge of Japan's service-sector inflation rose in August at the fastest annual pace in more than two years, data showed on Monday, highlighting mounting price pressures.

• Immediate resistance is located at 158.56 (50%fib), any close above will push the pair towards 160.00(Psychological level).

•  Support is seen at 156.45(SMA 20) and break below could take the pair towards 156.00(Psychological level)

Recommendation: Good to buy   around 157.50, with stop loss of 156.50 and target price of 158.30

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