FxWirePro: USD/ JPY bears step aside as investors look for clarity on size of Fed cut

 • USD/JPY inched up from a one-month low on Monday as investors continued to assess the potential magnitude of the Federal Reserve's anticipated interest rate cut later this month.

  • Friday's highly anticipated U.S. jobs data showed  U.S. economy added fewer jobs than expected in August, leading to worries over the slowing labour market and what that means for the economy.

• Following the report, the odds of a 50-basis-point rate cut are at 1-in-3 and those for a 25-bp cut are at 2-in-3, almost unchanged from prior to the jobs data.

• At GMT 02:49, the pair was up at 0.36 percent at 142.73 , having touched day low at 142.01 earlier in the day.
 
• Immediate resistance is located at 143.00 (Psychological level), any close above will push the pair towards 144.13 (Sep 6th high).

•  Support is seen at 142.12 (23.6%fib) and break below could take the pair towards 141.01 (Lower BB

Recommendation: Be on side-lines