FXStreet (San Francisco) - The US dollar got a knock after weaker than expected economic data in US and now it is falling against the Japanese Yen.
After falling around 20 pips from 101.80, the USD/JPY is now testing the bottom of the recent range at 101.60. Currently, USD/JPY is trading at 101.65, down 0.02% on the day, having posted a daily high at 101.81 and low at 101.63.
USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
"The retreat from the 61.8% retracement of the 102.25/101.07 decline is accelerating after weak US industrial production data," comments Jamie Coleman from FXBeat. "Hopes for a solid Q2 rebound in GDP are beginning to fade."
Next support is at 101.60 before 101.50 and 101.40.