USD/JPY technical analysis: Consolidating at 4.5-month low ahead of ISM Manufacturing data

• The ISM Manufacturing PMI (May) in the US will be released at 14:00 GMT.
•  USD/JPY is trading near levels not seen since February.

USD/JPY daily chart

USD/JPY is trading in a bear leg below its main simple moving averages (SMAs) at 4.5-month low.

USD/JPY 4-hour chart

USD/JPY is below its main SMAs suggesting a bearish bias.

USD/JPY 30-minute chart

USD/JPY is having a small correction as the market is testing 108.50 and the 50 SMA. Bears might try to break 108.10 to the downside to reach 107.70. If bulls break 108.50 they can try to recapture 108.80 and 109.30 resistances.

Additional key levels