FxWirePro: USD/JPY range-bound as Tokyo intensifies focus on yen weakness

• USD/JPY remained largely range-bound   on Tuesday as traders were cautious amid intervention risks.

•  Japanese Finance Minister Satsuki Katayama again usined cautious language on currency movements.

• Katayama said Japan and the US agreed to step up cooperation in her September 25 telephone talks with Treasury Secretary Bessent.

•Katayama said Japan will maintain close communication with the US Treasury to help ensure stability and orderly conditions in foreign exchange markets
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. Japan’s currency diplomat Atsushi Mimura said on Monday that Tokyo and Washington had delivered a “very clear” message about their concerns over yen weakness, which markets should take seriously.

• Immediate resistance is located at 157.81 (50%fib), any close above will push the pair towards 159.45(Higher BB).

•  Support is seen at 156.24(SMA 20) and break below could take the pair towards 155.15(61.8%fib

Recommendation: Good to buy  around 156.40, with stop loss of 156.00 and target price of 157.40