FxWirePro: USD/JPY holds above 21SMA, eyes 155.50 level

• USD/JPY initially dipped      but recovered ground on Monday as  market digested   news  of Scott Bessent being named the new U.S. Treasury Secretary.

• Bessent is expected by market participants to push a more phased implementation of trade tariffs and make efforts to rein in the U.S. budget deficit.

• Bonds rallied, U.S. stock futures rose and the U.S. dollar eased in early trade as investors cheered Bessent's appointment.

• Looking ahead, Japan's data schedule kicks off with the services PPI on Tuesday, followed by key economic releases on Friday, including Tokyo core CPI, jobs data, industrial production, retail sales, and consumer confidence, offering a comprehensive view of the economy.
 
•  Immediate resistance is located at 155.02 (38.2%fib), any close above will push the pair towards 156.00 (Psychological level).

• Support is seen at 153.88 (SMA 21) and break below could take the pair towards 153.13 (38.2%fib).     

Recommendation: Good to buy around 154.20, with stop loss of 153.50 and target price of 155.50