Dec 12 (Reuters) - The U.S. dollar looks set for a bigger recovery against the Japanese yen, which looks set for further weakness due to a fundamental factor, especially if USD/JPY can fully overcome a key technical level.
The Bank of Japan is leaning toward keeping interest rates steady next week as policymakers prefer to spend more time scrutinising overseas risks and clues on next year's wage outlook. Regardless of this timing, the huge gap between the Federal Reserve and BOJ keeps USD/JPY's overall bias on the upside.
USD/JPY rose on Wednesday to break the 152.71 Fibo level, a 50% retrace of the 156.76 to 148.65 $(EBS)$ drop, but spot failed to close above it. A USD/JPY daily close above the 152.71 Fibo is needed, as that would increase the odds of a much bigger rise in coming sessions.
The thickening daily cloud support that currently spans the 147.15-151.67 region should limit short-term USD/JPY setbacks.
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(Martin Miller is a Reuters market analyst. The views expressed are his own)
((martin.miller@thomsonreuters.com))
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