FxWirePro: USD/JPY edges up as yen dips after soft household spending data

•  USD/JPY edged higher on Tuesday as the yen weakened on soft Japan household spending data, though intervention fears helped limit losses

• Japanese household spending in February fell 1.8% from a year earlier, internal affairs ministry data showed on ⁠Tuesday, versus the median market forecast for a 0.7% fall.

•    On a seasonally adjusted, month-on-month basis, spending increased 1.5%, ⁠less than an estimated 2.6% rise..

•  Meanwhile, the Iran conflict is raising concerns that Japan’s economy could face significant pressure, given its heavy reliance on Middle Eastern oil imports.
 
•  Immediate resistance is located at 158.00(Psychological level), any close above will push the pair towards 158.43(Higher BB).

•    Support is seen at 156.57 (38.2%fib) and break below could take the pair towards 155.43(SMA 20 ).

Recommendation: Good to buy  around 159.80, with stop loss of 158.30 and target price of 160.00