Ella 
USD/JPY extended its decline for the second day, trading around 147.40 below the year’s high during European time on Thursday. The pair came under downward pressure after the release of mild economic data from the United States.
Separately, Japan’s Kyodo News Agency reported, citing anonymous sources, that the Japanese government plans to launch new economic stimulus measures in October. As mentioned in the news, the main goal of these stimulus measures is to provide support for businesses to increase wages and reduce energy costs.
The Moving Average Convergence Divergence (MACD) remains above the midline, above the signal line. This suggests relatively strong near-term momentum.
Short-term resistance lies at the psychological level of 147.50, followed by the weekly high of 147.87. A break above the latter would see USD/JPY heading towards the area around the 148.00 level.
On the downside, key support is at the 14-day exponential moving average (EMA) at 146.37, followed by the 21-day EMA at 145.81, converging with the 23.6% Fibonacci retracement at 145.37.
In the short term, the USD/JPY pair remains bullish as long as the 14-day Relative Strength Index (RSI) remains above 50.
