FxWirePro: USD/JPY extends gains, eyes 149.00 level

 • USD/JPY strengthened  on Friday  as dollar firmed ahead of Federal Reserve Chair Jerome Powell’s much-anticipated speech that could provide fresh guidance on monetary policy.

• Soft July jobs and hiring revisions boosted rate cut hopes, but cautious Fed remarks and inflation risks have since curbed expectations..

• Fed officials showed little enthusiasm for a September rate cut, turning market focus to Powell’s speech at the Jackson Hole conference, which opened Thursday in Wyoming.

• Markets now see a 75% chance of a September 25 bps cut, versus 92% a week ago, per CME FedWatch.

•At GMT 06:23 the    dollar was up  0.12% to 148.54 against the Japanese yen.

• Immediate resistance is located at 149.00(Psychological level), any close above will push the pair towards 150.12(Higher BB).

•  Support is seen at 147.98(SAM 20) and break below could take the pair towards  147.27(50%fib).

Recommendation: Good to buy around 148.50, with stop loss of 147.60 and target price of 149.00