FxWirePro: USD/JPY holds steady near 162 as traders

USD/JPY remained range-bound in Asian trading and is expected to stay subdued ahead of Japans long holiday weekend. The pair traded in a narrow 162.33162.40 range, maintaining a sense of equilibrium despite a modest...

• USD/JPY remained range-bound in Asian trading and is expected to stay subdued ahead of Japan's long holiday weekend. • The pair traded in a narrow 162.33–162.40 range, maintaining a sense of equilibrium despite a modest rebound in the U.S. dollar during the previous session.. • Ongoing demand from Japanese importers, retailers, and safe-haven flows linked to the U.S.-Iran conflict continued to provide support on dips.

However, upside remained capped by the threat of Japanese FX intervention. • Meanwhile, Japanese Finance Minister Satsuki Katayama on Friday reiterated the government's readiness to take decisive action on currency moves when deemed necessary.

• Immediate resistance is located at 162.64 (23.6%fib), any close above will push the pair towards 163.15(Higher BB). • Support is seen at 162.06(SMA20) and break below could take the pair towards 161.80(38.2%fib).

Recommendation: Good to buy around 162.20, with stop loss of 161.50 and target price of 162.80

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