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• USD/JPY dipped on Wednesday as investors prepared for the highly anticipated monetary policy decisions from both Japan and the US this week.
• The Federal Reserve is anticipated to announce its first interest rate cut in over four years at 18:00 GMT, with markets pricing in a two-thirds probability of a 50-basis-point reduction.
• The Bank of Japan is anticipated to maintain its current interest rates on Friday, but it is likely to indicate plans for future rate hikes
• Technical signals show the pair could lose more ground in the short-term as RSI is at 36 bullish, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 142.60 (38.2%fib), any close above will push the pair towards 143.00 (psychological level).
• Support is seen at 140.22 (23.6%fib) and break below could take the pair towards 139.23(Lower BB).
Recommendation: Good to sell around 141.50, with stop loss of 142.00 and target price of 140.00
