Ella 
USD/JPY extended a losing streak that began on Thursday and hit a fresh eight-week low, trading around 147.40 during the European session on Tuesday. Following the 38.2% Fibonacci retracement level at 146.32, the psychological level of 147.00 becomes immediate support.
The U.S. dollar (USD) fell to near three-month lows on dovish expectations from the Federal Reserve (Fed). This development was an important factor in the decline of the USD/JPY pair.
The 14-day Relative Strength Index (RSI) sits below the 50 level, indicating weakness in the USD/JPY pair. This has the potential to prompt a bearish move towards the psychological support area near 146.00. A decisive break below this level could pave the way for USD/JPY to test towards the area around the 50.0% Fibonacci retracement level at 144.60.
Additionally, the Moving Average Convergence Divergence (MACD) line is below the midline and diverging below the signal line, indicating bearish momentum in the market for the USD/JPY pair.
On the upside, the main barrier at 147.50 is an immediate obstacle, followed by the psychological barrier at 148.00. A break above the psychological 148.00 handle could provide support for USD/JPY towards testing the 149.00 handle and the area beyond the 9-day exponential moving average (EMA) of 149.62.
