FxWirePro: USD/JPY slips as yen gains ahead of BOJ meet

 • USD/JPY dipped  on Monday  as Japanese Yen amid growing expectations of a BoJ rate hike.

•A change in tone from BoJ Governor Kazuo Ueda   has bolstered market expectations of a near-term rate hike this week.

• The BOJ is likely to raise its short-term policy rate to 0.75% from 0.5% at its December 18-19 meeting on receding fears President Donald Trump's tariffs will severely hurt the export-reliant economy

• With the current rate move fully priced in, Bank of Japan watchers are expected to focus on guidance around the pace of future hikes and where the tightening cycle may ultimately peak.

• On the data front, big Japanese manufacturers' business sentiment hit a four-year high in the three months to December, a closely watched survey showed on Monday.

• The headline index of large manufacturers’ business confidence climbed to +15 in December, the BOJ’s tankan survey showed, up from +14 in September and matching the median market forecast.

• Immediate resistance is located at 155.88(38.2%fib), any close above will push the pair towards 157.32(Higher BB).

•  Support is seen at 154.74 (Lower BB) and break below could take the pair towards 154.24 (38.2%fib)

Recommendation: Good to sell  around 155.20 with stop loss of 156.00 and target price of 154.20