USD/JPY extending its losses today

We haven’t heard much out of Japan today:

• Japan Machinery orders for June 2024: 2.1% m/m (expected +1.1%)
• Japan’s LDP will hold its leadership election on September 27

The USD has weakened across the major FX board, but its against JPY that is most notable.

On Friday USD/JPY fell towards 147.50. After trading above 148.00 in early Asia USD/JPY has now extended its down draft to lows just above 147.00. ..

There is no obvious smoking gun, apart from the continuation of the downtrend since 149.

This article was written by Eamonn Sheridan at www.forexlive.com.