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• USD/JPY edged higher on Wednesday as dollar was supported by stronger-than-expected US inflation data that reduced expectations for Federal Reserve interest rate cuts.
• US consumer inflation rose 3.8% in April, above forecasts of 3.7% and the highest since May 2023, as surging energy prices tied to the Middle East conflict added to price pressures.
• Markets have largely priced out any chance of a rate cut from the Fed this year, while expectations for a hike of at least 25 basis points at the central bank's December meeting rose to 35%, according to CME's FedWatch Tool.
• Immediate resistance is located at 158.00 (Psychological level), any close above will push the pair towards 158.31(SMA 20).
• Support is seen at 157.91 (Daily low) and break below could take the pair towards 155.81(50%fib).
Recommendation: Good to buy around 157.50, with stop loss of 156.60 and target price of 158.00
