• USD/JPY traded in narrow on Monday as markets awaited fresh catalysts, with the Jackson Hole symposium emerging as the key event later this week.
• The Jackson Hole Federal Reserve symposium later this week is likely to be the main market focus, with investors watching for any shift in central-bank expectations.
• Thursday appearance by Bank of Japan deputy governor Ryozo Himino will also be closely watched as a prelude to next month's policy meeting. In particular, investors will be looking to see if he pushes back on a shift in market pricing to see a faster pace of hikes.
•Ongoing Middle East tensions remain another source of uncertainty, while U.S. Treasury Secretary Scott Bessent’s scheduled press conference today could provide an additional market catalyst.
• Immediate resistance is located at 15936 (SMA 20), any close above will push the pair towards 160.40 (61.8%fib).
• Support is seen at 158.014 (50%fib) and break below could take the pair towards 156.56(Aug 7th low).
Recommendation: Good to buy around 158.70, with stop loss of 158.00 and target price of 156.70
