FxWirePro: USD/JPY slips as dollar softens amid trade deal hopes

• USD/JPY dipped on Monday as dollar weakened  as investors awaited developments in U.S.-China trade relations.

• Financial markets are betting the U.S. and China will pull back from an all-out trade war and that Trump will cut deals to avert higher tariffs on others.

•  Trump on Sunday said the U.S. was meeting with many countries, including China, on trade deals, and his main priority with China was to secure a fair trade deal.

• The market's focus will be on the U.S. central bank policy decision and speeches by several Fed officials due this week, for insights into future monetary policy trajectory.

• Traders are now expecting 80 basis points of rate cuts this year starting in July, following larger-than-expected U.S. job additions in April.

Immediate resistance is located at 145.43(50%fib), any close above will push the pair towards 146.71(Higher BB).

•  Support is seen at 143.31(38.2%fib) and break below could take the pair towards  142.00(Psychological level).

Recommendation: Good to sell around 144.50, with stop loss of 145.20 and target price of 143.90