Institute for Supply Management released the US Non-Manufacturing PMI data, which came out worse-than-expected of 53.7 compared with the forecast of 55.5.
Anthony Nieves, Chair of the Institute for Supply Management (ISM) Non-Manufacturing Business Survey Committee commented: "The NMI registered 53.7 percent, which is 1.4 percentage points lower than the June reading of 55.1 percent. This represents continued growth in the non-manufacturing sector, at a slower rate. This is the index's lowest reading since August 2016, when it registered 51.8 percent. Respondents indicated ongoing concerns related to tariffs and employment resources. Comments remained mixed about business conditions and the overall economy."
No data for USD/JPY this week
USD/JPY short-term daily review
The rate is set to test the combined resistance of the 55 and 100-hour simple moving averages at 106.25.Hourly Chart
Since the middle of Wednesday's trading session, 75% of USD/JPY open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, trader set up pending orders were bearish, as in the 100-pip range 54% of pending orders were set to sell and 46% were to sell.