FxWirePro: USD/JPY downside pressure builds, key support level in focus

• USD/JPY fell sharply on Tuesday as dollar attracted sellers ahead of    the Federal Reserve's policy meeting this week.

•  Markets are pricing in a 25-basis-point rate cut on Wednesday, driven largely by recent data showing a quickly weakening labor market that has fueled expectations for monetary easing.

• U.S. retail sales rose more than expected in August, supported by consumer purchases across goods and dining out. However, a softening labor market and higher prices from tariffs threaten to weigh on future spending.

• Retail sales increased 0.6% in August, following an upwardly revised 0.6% gain in July, the Commerce Department's Census Bureau reported.

The Bank of Japan will hold its policy meeting on Friday, with money markets widely expecting the central bank to leave interest rates unchanged at 0.5%.

• Immediate resistance is located at 147.46(SMA 20), any close above will push the pair towards 147.88(50%fib).

•  Support is seen at 146.40 (61.8%fib) and break below could take the pair towards  146.00(Psychological level).

Recommendation: Good to sell around 146.40, with stop loss of 147.40 and target price of 145.70