FxWirePro- Woodies Pivot(Major) 
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Chart - Courtesy Trading View
USD/JPY was trading 0.59% lower on the day at 130.58 at around 03:40 GMT, Fed’s 0.25% rate hike failed to please bulls amid fears of policy pivot and banking turmoil.
The Federal Reserve on Wednesday raised its benchmark funds rate by 25 basis points as expected, but dropped language about "ongoing increases" being needed in favour of "some additional" rises.
Fed Chair Jerome Powell and US Treasury Secretary Janet Yellen’s comments triggered the market’s pessimism, markets now sense end of Fed tightening.
U.S. Treasury Secretary Janet Yellen spooked markets by telling she had not considered or discussed "blanket insurance" for U.S. banking deposits.
Fed funds futures now imply only an even chance of one more hike and rate cuts of an accumulative 60 basis points by the end of this year.
USD/JPY is trading with a bearish technical bias. Price action is extending grind lower after rejection at 200-DMA, slips below daily cloud.
GMMA indicator shows major and minor trend are bearish. Momentum is bearish and volatility is high and rising. Scope for further weakness.
Major Support Levels:
S1: 130.38 (Lower BB)
S2: 127.87 (21-month EMA)
Major Resistance Levels:
R1: 131.54 (5-DMA)
R2: 132.81 (200H MA)
Summary: USD/JPY trades with a bearish bias. Scope for further weakness. Trendline support at 130.40 is offering immediate support, break below will see test of 129.79 (Feb 10th low).
