• USD/JPY steadied around 147.30 level on Friday as investors digested minutes from the Bank of Japan’s July meeting.
• BOJ policymakers discussed the possibility of resuming rate hikes, with one member signaling a potential increase this year, boosting expectations of a near-term rise in borrowing costs, the July meeting summary showed.
• Some BOJ members warned of rising inflation, signaling a hawkish shift and growing support for a possible rate hike in the coming months.
• At its July 30–31 meeting, the BOJ held rates at 0.5%, raised its inflation outlook, and struck a more upbeat economic tone, reinforcing expectations of a possible rate hike this year.
• At GMT 06:43, the US dollar was down 0.21% to 147.30 against the Japanese yen.
• Immediate resistance is located at 147.87(SMA 20 ), any close above will push the pair towards 148.71(38.25fib).
• Support is seen at 146.99(50%fib) and break below could take the pair towards 145.97(Lower BB).
Recommendation: Good to buy around 147.20, with stop loss of 146.60 and target price of 148.00
