FxWirePro: USD/JPY poised for further gains above 155.00

 • USD/JPY lingered near a nine-month high amid ongoing yen weakness driven by fiscal concerns and unclear BoJ policy.

•Japanese Finance Minister Satsuki Katayama on Tuesday expressed concern over recent foreign exchange movements, as the yen sank to fresh nine-month lows versus the dollar.

  • Japanese Prime Minister Sanae Takaichi is scheduled to meet with Bank of Japan Governor Kazuo Ueda later on Tuesday to discuss the nation’s monetary and fiscal policies, amid growing market attention on the yen’s recent weakness and the central bank’s policy direction..

•   Japan’s weaker-than-expected Q3 GDP reading on Monday may increase pressure on the Bank of Japan (BoJ) to postpone any interest rate hikes, a factor that is widely viewed as weighing on the yen.
 
• Immediate resistance is located at 155.41(23.6%fib), any close above will push the pair towards 156.00 (Psychological level).

•  Support is seen at 154.80(Psychological level) and break below could take the pair towards 153.47 (38.2%fib)

Recommendation: Good to buy  around 154.80, with stop loss of 153.60  and target price of 155.70