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• USD/JPY dipped on Tuesday as yen firmed ahead of a Bank of Japan meeting this week where the central bank is expected to hold rates steady.
• Investors are turning their focus to the Bank of Japan’s policy decision scheduled for Thursday.
• Two hawkish members of the Policy Board, Naoki Tamura and Hajime Takata, recently voiced the need for a hike in the policy rate to 0.75% from 0.5% soon.
• Japan’s central bank ended its decade of ultra-loose stimulus in 2024 and delivered two rate increases by January, amid mounting political calls to stem the yen’s steep decline.
• The central bank is widely expected to keep its policy rate steady at 0.5% this week, with markets waiting for more guidance on the new administration’s agenda before pricing in a move to 0.75%.
• Immediate resistance is located at 153.26(23.6%fib), any close above will push the pair towards 154.00(Psychological level).
• Support is seen at 151.44 (38.2%fib) and break below could take the pair towards 151.09(SMA 20)
Recommendation: Good to buy around 152.70, with stop loss of 152.00 and target price of 153.60
