FxWirePro: USD/JPY edges higher, remains on bullish path

• USD/JPY edged higher on Friday  as the Japanese yen weakened following data showing that household spending contracted for a ninth consecutive month in Augus.

• Japanese household spending declined for the ninth consecutive month in August, although the pace of contraction was slower than market expectations, government data showed on Friday.

• Japanese consumer spending fell 3.1% year-on-year in August, according to data from the Internal Affairs Ministry, easing less than the market-expected decline of 3.6%..

• On a seasonally adjusted monthly basis, household spending edged up 0.1%, falling short of market expectations for a 0.5% increase.

• The indicator will be among factors the Bank of Japan will scrutinise ​as it ​decides ⁠whether to raise interest rates in coming months.

• Immediate resistance is located at 158.47(Higher BB), any close above will push the pair towards 158.85(23.6%fib).

•  Support is seen at 157.80(38.2%fib) and break below could take the pair towards 157.53(Oct 8th low)

Recommendation: Good to buy  around 158.00, with stop loss of 157.40and target price of 158.70