USDJPY Chart Technical Outlook is on the defensive ahead of the Fed, with supports at 141.11 and 139.75 on focus.
The US Dollar’s upside attempts remain limited with investors bracing for a large Fed cut later today, while the BoJ has started its monetary normalization cycle. Resistances at 1.4250 and 143.75 are holding bulls. Supports are at 141.10 and 139.75.
Data released on Tuesday revealed that the US economy remains solid. Retail sales increased against expectations and industrial Production accelerated suggesting robust economic growth in the third quarter.
The Fed decision is the main event today. A large cut coupled with a dovish forward guidance (dot plot) is likely to send the Dollar lower. A 25 bp cut is not discarded, recent data backs this option that might send the USD rallying.
