FxWirePro: USD/JPY downside pressure builds, key support level in focus

• USD/JPY slipped  lower on Tuesday as  mounting concerns over a potential U.S. government shutdown weighed on dollar.

•A government shutdown would delay the release of key employment data this week, focusing attention on the Labor Department’s JOLTS report on August job openings scheduled for later Tuesday.

 • BOJ board members debated a near-term rate hike, with some signaling that action could be approaching, according to the September policy meeting summary released Tuesday.

 • The summary showed that several board members urged caution over rising inflation, signaling a hawkish tilt that increases the likelihood of a rate hike in October.

• At its September 18-19 meeting, the BOJ maintained interest rates at 0.5%, though two of the nine board members dissented, advocating unsuccessfully for a rise to 0.75%.
 
• Immediate resistance is located at 148.72(Higher BB), any close above will push the pair towards 149.00(Psychological level).

•  Support is seen at 147.90 (SMA 20) and break below could take the pair towards 146.82 (50%fib)

Recommendation: Good to sell  around 148.30, with stop loss of 149.50 and target price of 147.70