July has been the worst month for USD/JPY since 2005 and one of the worst over the past 30 years
USD/JPY has averaged a 1.38% decline in July since 2005, by far the worst of any month. The pair has fallen in five of the past 6 Julys.
Technically, there is also a case for selling. USD/JPY marked a series of lower highs and lower lows in June. On Thursday, a soft nonfarm payrolls reading sent the pair a half-cent lower and weakness throughout the factory orders report urges caution on the economy.
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