FxWirePro: USD/ JPY under pressure after early buying dries up

• 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