FxWirePro: USD/ JPY downtrend loses steam but outlook still bearish

• USD/JPY edged higher   on Wednesday as markets focussed on clues to the size of a widely expected U.S. interest rate cut next month.

 •U.S. GDP data is due later this week, along with the core personal consumption expenditures (PCE) index, the Fed's preferred inflation measure.

•The current pricing sits at a 36% chance for the larger cut, up from 29% a week ago, according to the CME Group's FedWatch Tool.

• Technical signals are bearish as RSI is heading down  at 33, daily momentum studies  5, 9 and 11 DMAs are trending down.
 
• Immediate resistance is located at 145.75 (50%fib), any close above will push the pair towards 146.00 (Psychological level).

•  Support is seen at 143.89 (38.2%fib) and break below could take the pair towards 142.29 (Lower BB).

Recommendation: Good to sell  around 144.70, with stop loss of 145.50 and target price of 144.00