1. x/|x| has two possible values corresponding to two possible signs for x. If x is positive, then x/|x| = 1. Since x/|x| < x, that gives you that x > 1, so |x| > 1.
If x is negative, then x/|x| = -1. Since x is a negative and is greater than x/|x| = -1, you will have -1 < x < 0, with |x| < 1. So statement 1 by itself is not sufficient, since you get two different answers depending on the sign of x.
2. |x| > x means that x is a negative. This does not clarify if x < -1 (which would give you that |x| > 1), so statement 2 by itself is not sufficient.
But, taken together, the two statements are enough to do the job. Since x is a negative from stmt 2, you will have the second case for stmt 1, meaning |x| < 1.