FxWirePro:USD/JPY outlook weaker on renewed downside pressure

• USD/JPY slipped lower on Thursday  as renewed concerns over the Federal Reserve’s independence weighed on the U.S. dollar.
 
• On Wednesday, President Trump slammed Fed Chair Jerome Powell as "terrible" for not aggressively cutting interest rates, even as Powell, during his Senate testimony, emphasized the need for a cautious policy approach due to inflation risks posed by the President’s tariff plans.

• The clash highlighted growing tensions between the White House and the Fed, raising fresh concerns over the central bank’s independence and policy direction.

• On the data front investors awaited today’s U.S. GDP release, with focus also shifting to Friday’s PCE data, both seen as key indicators for the Federal Reserve’s rate-cut outlook.

• Key resistance levels: 145.30 (50%fib), 146.81 (Upper Bollinger Band), and 147.57 (61.8%fib).

• Support levels: 142.85 (38.2%fib), 142.19(Lower Bollinger Band), and  139.83 (23.6%fib).

Recommendation: Good to sell around 144.30, with stop loss of 145.10 and target price of 143.30