USD/JPY saw volatile trading on Monday, oscillating between 153.84 and 155.14, as Bank of Japan Governor Ueda refrained from providing clear guidance on a potential December rate hike, emphasizing the BOJ’s data-driven approach. The market remains thin, with significant focus on nearby option expiries at 154.50 ($450 million) and 156.00 ($320 million), which may cap excessive movement in either direction. Despite Friday's strong verbal intervention rhetoric from Japanese officials, no follow-up actions were observed, adding to the uncertainty surrounding the yen.

On the technical front, USD/JPY faces immediate support at 153.84/86, where today’s and Friday’s lows coincide with the daily Ichimoku tenkan line at 154.03. Resistance is visible at 155.13-155.19, defined by the hourly kijun and 100-hour moving average. A move above the Ichimoku cloud (155.55-156.22) would signal further bullish momentum, while a drop below 153.84 could see the pair testing the ascending 200-HMA at 154.30 or even lower levels.

Traders are eyeing upcoming Japanese core machinery orders data for September and October metrics for clues about the domestic recovery. U.S. Treasury yields, which have eased slightly from Friday’s highs, will also influence near-term direction. While the absence of immediate intervention leaves USD/JPY exposed to upside risks, sustained resistance at key technical levels and cautious BOJ messaging could keep the pair within its current range.