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USDJPY : More Losses to Come

(USDJPY : 4 Hour Chart)

USDJPY tried to post some gains ahead of the ISM Manufacturing PMI data. Earlier the pair was trading within a downward sloping channel. The pair broke out from the resistance trend line of the channel and tried to surge but found resistance at 101.57. Seems like another falling resistance trend line will now be resisting the pair to move above. Also the 100 day SMA and 200 day SMA are contracting towards each other and if 100 day SMA falls below the 200 day SMA it will confirm the bearish trend on the pair.

The pair extended losses after the official report from ISM on Manufacturing PMI showed that the manufacturing activity in June grew by 55.3 a decrease from the reading of 55.4 in May and missing the economist's expectation for an increase to 55.6. The series of weak US data is pressurizing US dollar and the investors are now focusing towards the Non Farm Payroll data. We might see some gains in US dollar if the data beats the economist's expectation.