• USD/JPY slipped to 13-month low on Monday as greenback dipped ahead of week's Federal Reserve policy meeting.
• The Fed's two-day monetary policy meeting starting Tuesday will be the week's main focus.
• Markets are pricing in a 59% chance of a 50 basis points (bps) cut, with a 41% probability of a 25 bps cut, CME FedWatch tool showed .
• A daily close below 23.6%fib will further improve bearish outlook, and open the possibility of drop towards 144.00.
• Immediate resistance is located at 140.91 (Daily high), any close above will push the pair towards 142.14 (38.2%fib).
• Support is seen at 139.72 (23.6%fib) and break below could take the pair towards 139.00 (Psychological level).
Recommendation: Good to sell around 140.00, with stop loss of 140.60 and target price of 139.20
