• USD/JPY eased on Monday as investors anxiously waited for more direction from new Prime Minister Shigeru Ishiba.
• The yen rose on Friday after the ruling Liberal Democratic Party elected Shigeru Ishiba, a former defense minister and critic of ultra-loose monetary policy, as its leader.
• Meanwhile, ongoing Israeli strikes in Lebanon contributed to the growing geopolitical uncertainty.
• A daily close below 23.6%fib will further improve bullish outlook, and open the possibility of rally towards 140.00.
• Immediate resistance is located at 143.19 (Daily high), any close above will push the pair towards 144.78 (38.2%fib).
• Support is seen at 141.51 (23.6%fib) and break below could take the pair towards 139.92(Lower BB).
Recommendation: Good to buy around 142.20, with stop loss of 142.70 and target price of 140.00
