FxWirePro: AUD/USD hits weekly high at 0.7777, Aussie buoyed on upbeat employment data and broad market optimism
FxWirePro: EUR/JPY breaks 7-day bearish streak, spikes higher as euro buoyed on upbeat German ZEW Economic Sentiment Index
FxWirePro: USD/JPY struggles for direction, extends choppy trade along 55-EMA
USD/JPY chart - Trading View
USD/JPY is extending sideways grind, pair struggles for clear direction.
The major was trading 0.12% higher on the day at 107.71 at around 03:55 GMT, after closing 0.17% lower in the previous session.
Continuing riots in the US and the US-China stand-off keep investors wary, await next catalyst.
On the data front, US May manufacturing ISM was worrying. The manufacturing PMI is at weak levels and the sector is contracting though at a slightly slower rate.
Data released overnight showed US May manufacturing PMI stood at 43.1, close to the 43.8 expected and compared to the prior 41.5.
Moderate rebounds were seen in employment (32.1 from 27.5), new orders (31.8 from 27.1) and prices paid (40.8 from 35.3 in April).
Technical indicators do not provide a clear directional bias. Major and minor trend have turned neutral.
No major economic releases scheduled for today. Focus will remain on geo-political news along with virus updates for impetus.
Major Support - 107.31 (20-DMA), Major Resistance - 108.32 (200-DMA)