• USD/JPY pushed higher on Wednesday as the yen weakened again, erasing a large portion of the gains triggered by the recent rare intervention from Japan and the U.S.• The yen has come under renewed pressure after the sharp rebound following last month's coordinated U.S.-Japan intervention, with USD/JPY trading around 159.4. • The broad yen weakness has kept investors focused on USD/JPY, particularly as the pair approaches the psychologically important 160 level. • Markets remain alert to the possibility of further official action after Japan and the United States intervened recently to support the yen. • Support is seen at 157.33(38.2%fib) and break below could take the pair towards 156.77(Aug 7th low). Recommendation: Good to buy around 159.30, with stop loss of 159.00 and target price of 161.00