• USD/JPY declined on Monday as the Federal Reserve's pronounced dovish stance continued to put pressure on the dollar.
• On Friday, Federal Reserve Chair Jerome Powell firmed expectations of the central bank starting interest rates cut from next month..
• The dollar dropped as much as 0.33% to 143.88 yen marking its lowest level since August 5.
• The pair has seen 143.33 -144.32 range on Monday , chart points to drop towards 143.00 level.
• Immediate resistance is located at 144.23 (50%fib), any close above will push the pair towards 147.00 (Psychological level).
• Support is seen at 143.50 (38.2%fib) and break below could take the pair towards 141.74 (Lower BB)
Recommendation: Good to sell around 143.90, with stop loss of 144.60 and target price of 143.00
