The USD/JPY trading has been relatively muted recently, with Japan observing a temporary holiday. The market is keenly anticipating the upcoming Federal Open Market Committee meeting set for Wednesday, expected to bring much-awaited volatility in the coming days. The market’s attention remains on the crucial ¥147.80 level, acting as a significant barrier. A potential break above this pivotal level could pave the way for a move towards the psychologically significant ¥150 mark. Overall, the market has favored buying on dips, though such opportunities have been scarce lately. Given the BOJ’s unlikely stance to make significant policy shifts, the market will likely seize the chance to buy US dollars at more favorable rates in the future.