FxWirePro: USD/JPY uptrend loses steam, remains on bullish path

• USD/JPY edged lower  on Thursday after data ​released  showed Japan's current account surplus widened  in August

.• Japan's current account surplus stood at 4.062 trillion yen ($25.7 billion) in August, higher than economists' median forecast for a surplus of 3.19 trillion yen..

•Meanwhile, BoJ policymaker Ayano Sato, one of the dissenters to September’s rate hike, said this week that interest rates should be raised gradually in several stages, adding to expectations of another rate increase

•  The BOJ raised its key rate to a 31-year high last month, with its governor signalling the central bank had entered a phase focused on ⁠preventing underlying ​inflation from overshooting its target, raising the prospect of tighter ​policy.

•At the October 29-30 meeting, the BOJ will release fresh quarterly growth and inflation forecasts that will be closely watched by ​markets for clues on the next rate-hike timing.

.• Immediate resistance is located at 158.47(Higher BB), any close above will push the pair towards 159.02(23.6%fib).

•  Support is seen at 152.12(SMA 20) and break below could take the pair towards 158.02(38.2%fib)

Recommendation: Good to buy  around 158.00, with stop loss of 157.40and target price of 158.70