• USD/JPY hit one-month low on Thursday as yen continued to benefited from increased safe-haven demand.
• On the data front, Japanese workers' real wages increased for the second consecutive month, potentially paving the way for the central bank to consider another rate hike later this year.
• Inflation-adjusted real wages increased by 0.4% year-on-year in July, with total cash earnings rising by 3.6%.
• A close below support at 38.2%fib will give further momentum to bears, opening the way for a run towards 143.00 level.
• Technical signals are bearish as RSI is heading down at 37, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 145.32 (50%fib), any close above will push the pair towards 146.00 (Psychological level).
• Support is seen at 144.44 (38.2%fib) and break below could take the pair towards 142.25 (Lower BB
Recommendation: Good to sell around 144.90, with stop loss of 145.60 and target price of 143.00
