• USD/JPY hovering near two weeks low on Thursday as investors digested dovish Fed tone before Jackson Hole.
• Most Federal Reserve members agreed in their last meeting that starting interest rate cuts in september would be appropriate, provided the data remains as expected.
• Meanwhile, Bank of Japan governor kazoo ueda is scheduled to testify before the Japanese parliament on Friday.
• A daily close below 38.2%fib will further improve bearish outlook, and open the possibility of drop towards 144.00.
• Immediate resistance is located at 146.34 (Aug 6th high), any close above will push the pair towards 147.34 (50%fib).
• Support is seen at 144.55 (38.2%fib) and break below could take the pair towards 142.23 (Lower BB).
Recommendation: Good to sell around 145.40, with stop loss of 146.00 and target price of 144.00
