• USD/JPY strengthened on Monday as yen weakened as speculation grew that the Bank of Japan may delay raising its policy rate until the New Year.
• Skeptics of a December rate hike see BOJ Deputy Governor Ryozo Himino's speech next month as a signal that the BOJ will hold off on tightening and prepare markets for a possible hike in January.
• On the data front, Gross domestic product (GDP) rose an annualised 1.2% in the three months to September, the Cabinet Office's revised data showed on Monday.
• Immediate resistance is located at 151.71 (23%fib), any close above will push the pair towards 153.19 (Nov 27th high).
• Support is seen at 149.54 (38.2%fib) and break below could take the pair towards 147.81(50%fib).
Recommendation: Good to buy around 151.00, with stop loss of 150.50 and target price of 151.80
