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FxWirePro: USD/JPY dips slightly in calm trade, eventful week looms

• USD/JPY dipped on Monday as traders engaged in position adjustments ahead of a key week for global monetary policy.

• Investors eye a packed week of central bank meetings across the U.S., Japan, Taiwan, Indonesia, the U.K., Canada, and Norway.

• The Fed takes the spotlight, as a quarter-point rate cut is broadly anticipated on Wednesday, alongside scrutiny of its forward guidance for 2025.

• Meanwhile,  BOJ is widely expected to hold rates at 0.5% on Friday while signaling its readiness to raise rates again in Q4 as inflationary pressures persist.

• Immediate resistance is located at 148.09(38.2%fib), any close above will push the pair towards 148.71 (Higher BB).

•  Support is seen at 146.43(Lower BB) and break below could take the pair towards  145.86 (50%fib ).

Recommendation: Good to buy around 147.30 with stop loss of 146.50 and target price of 148.50
 

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