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FxWirePro: USD/ JPY downside pressure builds, key support level in focus

• The USD/JPY slipped lower on Monday as the safe-haven appeal  and growing expectations of a January rate hike by the Bank of Japan   supported the yen .

• The BOJ asserts that significant wage growth is a prerequisite for raising interest rates, with some analysts expecting a possible hike this month.

  • In a positive sign, wage data released earlier on Thursday showed base salary, or regular pay, rose 2.7% in November to mark the fastest increase since 1992.

• At GMT 11:08 the pair was trading down 0.27 percent  at 157.26.
 
• Immediate resistance is located at 157.09(Daily high), any close above will push the pair towards 158.30 (23.6%fib).

•  Support is seen at 156.06(38.2%fib) and break below could take the pair towards 155.80 (50%fib)

Recommendation: Good to sell  around 157.30, with stop loss of 158.00 and target price of 157.00

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