FxWirePro: USD/JPY stuck in range but maintains bullish bias

• USD/JPY traded in a narrow range on Tuesday as investors assessed Federal Reserve officials’ comments for hints on the future direction of interest rates.

• On Monday, new Fed Governor Stephen Miran, appointed by President Trump, advocated for significant rate cuts, while three of his colleagues expressed caution over inflation risks.

• The main event later will be Fed Chair Jerome Powell who gets to speak on the economic outlook and takes questions on policy   that's at 1235 EDT/1635 GMT. 

• Traders have scaled back expectations for interest rate cuts at the Federal Open Market Committee’s October meeting. 

• Fed funds futures, according to CME Group’s FedWatch tool, now imply a 10.2% chance of a rate hold, up from 8.1% on Friday.

• Immediate resistance is located at 147.45(SMA 20), any close above will push the pair towards 147.73 (50%fib).

•  Support is seen at 147.24(61.8%fib) and break below could take the pair towards  146.00 (Psychological level ).

Recommendation: Good to buy  around 147.60 with stop loss of 145.40 and target price of 148.30