USD/JPY drifts towards the European base after weak US factory orders. The US stock market has lost some ground after starting the session at modestly improved levels. The dollar is edging lower and bids at 116.20/25 should come into play in slow trade.
Further bids are seen at 115.90/00. Elsewhere, EUR/JPY has slipped into the 152.40 area from levels above 152.50. The pair has struggled to make a sustainable push higher since the European morning and looks vulnerable on the downside.
Any accelerated losses in the US equity market would encourage speculative JPY demand, which has tapered off as action turns more two-way rather than the one-way liquidation of positions seen over the last few sessions.
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