• USD/JPY eased on Monday as dollar dipped as oil prices fell after a halt in U.S. attacks on Iran
• Oil prices tumbled on Monday after the U.S. paused strikes over the weekend after two weeks of attacks, raising hopes of a diplomatic solution that would de-escalate the conflict and allow shipping to resume in the Strait of Hormuz
• Japan's heavy dependence on Middle Eastern oil imports leaves the economy highly exposed to supply shocks and volatility in crude oil prices.
• Traders also remain alert to the risk of Japanese currency intervention, although many believe this week's Bank of Japan policy meeting poses the bigger risk for the yen.
• Immediate resistance is located at 162.74 (23.6%fib), any close above will push the pair towards 163.15(Higher BB).
• Support is seen at 162.08(SMA20) and break below could take the pair towards 160.80(38.2%fib).
Recommendation: Good to buy around 163.10, with stop loss of 162.50 and target price of 163.70
