FxWirePro: USD/JPY hits 6-week low, outlook bearish

• USD/JPY   declined  to hit 6-week low on Friday   as traders ramped up bets on a rate hike by the Bank of Japan better-than-expected inflation in Tokyo  .

• Data showed core consumer prices in Japan's capital accelerated in November and stayed above the central bank's 2% target in a sign of broadening price pressure.

• Markets now see a 68.2% chance of a quarter-point rate cut in December, as per the CME group's FedWatch tool.

• Traders now see a 60% chance that the BOJ could hike interest rates again in December, having been undecided before the data..
 
•  Immediate resistance is located at 152.38 (38.2%fib), any close above will push the pair towards 153.32 ( (Nov 28th high).

• Support is seen at 149.79(50%fib) and break below could take the pair towards 147.37(61.8%fib).         

Recommendation: Good to sell around 150.40, with stop loss of 151.00 and target price of 149.20