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FxWirePro: USD/ JPY downside stalls as market awaits Fed rate decision

• USD/JPY pair showed some slight recovery on Tuesday, but the gains were limited as investors remained cautious ahead of upcoming Fed rate decision.  

• The Fed is expected to kick off a series of rate cuts on Wednesday, after raising borrowing costs to their highest level in nearly two decades.  

• The pair has seen  141.13 -140.31 range on Tuesday  , chart points to   drop towards 139.00 level.
 
•  Immediate resistance is located at 141.60 (38.2%fib), any close above will push the pair towards 142.00 (psychological level).

•  Support is seen at 139.72 (23.6%fib) and break below could take the pair towards 139.19(Lower BB).

Recommendation: Good to sell  around 141.00, with stop loss of 141.80 and target price of 139.50
 

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