FxWirePro: USD/JPY rises as yen weakens after Japanese wage talks conclusion

• USD/JPY continued climb on  Friday as yen weakened   after union wage talks in Japan concluded.  

• Japanese firms agreed to raise wages by more than 5% on average this year, marking the largest pay increase in over 30 years.

• The 5.46% preliminary reading from Rengo, a labor union with 7 million members, marks the third consecutive year of significant base pay increases, the highest in 34 years.

•  At GMT 11:23,the dollar was up 0.62% at 147.80 against Japanese Yen .

•  Immediate resistance is located at 149.32(38.2%fib), any close above will push the pair towards 150.49 (50%fib).

• Support is seen at 147.17(23.6%fib) and break below could take the pair towards 146.69(Lower BB ).

Recommendation: Good to sell around 148.90, with stop loss of 149.60 and target price of 148.00