• USD/JPY steadied around 148:00 level on Monday as investors re-evaluated the pace of Bank of Japan's rate hikes.
• Easing global trade tensions after Sunday’s U.S.-EU agreement provide some relief for BOJ policymakers, improving the outlook for Japan’s export-driven economy.
• Markets anticipate the Bank of Japan will hold short-term rates steady at 0.5% after its two-day meeting wraps up Thursday.
• Markets are closely watching the BOJ’s quarterly outlook report and Governor Kazuo Ueda’s post-meeting press conference for signals on when the next rate hike might occur..
• At GMT 07:03, the US dollar was down 0.24% to 148.00 against the Japanese yen.
• Immediate resistance is located at 149.22(23.6%fib), any close above will push the pair towards 149.91(Higher BB).
• Support is seen at 146.78(SMA 20) and break below could take the pair towards 145.14(38.2%fib).
Recommendation: Good to buy around 147.80, with stop loss of 147.20 and target price of 149.00
