• USD/JPY steadies on Monday as renewed tensions in the Middle East continued to drive demand for greenback.
• The U.S. and Iran traded renewed accusations over the weekend but later agreed to suspend retaliatory attacks and meet in Qatar on Tuesday, keeping investors cautious about the ceasefire's stability.
• Oil prices climbed on Monday after fresh strikes disrupted energy shipments through the Strait of Hormuz, boosting safe-haven demand for the U.S. dollar.
• Attention is turning to this week's U.S. nonfarm payrolls and unemployment data, with investors looking for fresh clues on labour market conditions and the Fed's next policy move.
• Immediate resistance is located at 161.82(38.2%fib), any close above will push the pair towards 162.00(Psychological level).
• Support is seen at 161.16 (Daily low) and break below could take the pair towards 160.24(SMA 20).
Recommendation: Good to buy around 161.50, with stop loss of 168.40 and target price of 162.50
