• USD/JPY steadied after Japan's central bank chief signaled a potential interest rate hike, but the timing remained uncertain.
• Bank of Japan Governor Kazuo Ueda reiterated that interest rates would rise gradually if the economy follows the central bank's forecast, but gave no indication of when this would happen.
• Monday's comments were Ueda's first remarks on monetary policy since Donald Trump's victory in the U.S. presidential election on Nov. 5th
• At (GMT 05:23) Dollar was trading at up 0.25 % at 154.70 against the Japanese yen.
• Technical signals are strongly bullish as RSI is at 59, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 155.33(Daily high), any close above will push the pair towards 156.26 (2.6%fib).
• Support is seen at 153.88 (11SMA) and break below could take the pair towards 153.22(38.2%fib).
Recommendation: Good to buy around 154.50, with stop loss of 153.70 and target price of 155.30