FxWirePro: USD/ JPY retreats after early gains fizzle out

 • USD/JPY eased Thursday as dollar gains cooled off ahead of monetary policy decisions from the U.S. Federal Reserve.

  • The Fed is expected to cut interest rates by 25 basis points later in the day, and the market focus will be on any clues suggesting the U.S. central bank could skip a cut in December..

  • The Fed's decision comes on the back of the U.S. presidential election, with a victory by Trump fuelling questions over whether the bank may proceed to reduce rates at a slower  .  

• At GMT 06:38, the pair was trading down 0.41% at 153.99, after hitting daily high at 154.72

• Technical signals are   bullish as RSI is   at 63, daily momentum studies  5, 9 and 10 DMAs are trending up.
 
• Immediate resistance is located at 154.88(23.6%fib), any close above will push the pair towards 155.77 (Higher BB).

•  Support is seen at 152.78(38.2%fib) and break below could take the pair towards 151.55 (50%fib)

Recommendation: Good to buy  around 153.70, with stop loss of 153.00 and target price of 154.50