FxWirePro: USD/JPY maintains bearish bias with focus on 147.00 level

• USD/JPY fell on Wednesday as demand for safe-haven assets rose following the U.S. government shutdown and weak U.S. labor data, fueling expectations of Fed rate cuts.

•The U.S. government shut down major operations as partisan deadlock blocked a funding deal, risking thousands of federal jobs.

 • The shutdown may postpone key economic data releases, including Friday’s non-farm payrolls report.

 • The JOLTS report on Tuesday showed slight growth in U.S. job openings in August but a drop in hiring, leading traders to price in a 25-basis-point rate cut this month and another in December.

• The ADP National Employment Report, expected later today, should provide further insight into the labor market.
 
• Immediate resistance is located at 147.85(SMA 20), any close above will push the pair towards 148.70(50%fib).

•  Support is seen at 146.65 (61.8%fib) and break below could take the pair towards 145.97 (Lower BB)

Recommendation: Good to sell  around 147.60, with stop loss of 148.50 and target price of 147.00