• 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
