USD/JPY falls as weak US ISM services data sparks growth concerns
USD/JPY has declined 0.5% to 149.20 as disappointing US economic data weighs on dollar sentiment. The US ISM Services PMI dropped to a weaker-than-expected reading, compounding concerns after Friday's poor labor market report showed unemployment rising to 4.3%. This string of weak data has traders pricing in more aggressive Fed rate cuts, with markets now expecting 125 basis points of easing by year-end. The timing is particularly challenging for USD bulls as risk sentiment deteriorates globally. Technical indicators show USD/JPY breaking below the 150.00 psychological support, with next support at 148.50 (50-day moving average). The yen is finding additional support from expectations of further BOJ rate hikes. A sustained break below 148.50 could accelerate selling toward 147.00, while any recovery faces strong resistance at 150.50.
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