FxWirePro: USD/JPY struggles at the 101 handle, upside lacks momentum

Yen retraced a part of early gains after Japanese stocks pares losses, USD/JPY attempts to retake the 101 handle.
But upside in the pair lacks momentum, USD/JPY struggles at the 101 handle. Pair largely ignores upbeat US data.
US ISM non-manufacturing index came in stronger than it has been since November 2016, and is a big bounce from the 52.9 reading in May.
Focus now on key US employment data due for release today and tomorrow. A decent rebound in payrolls may be enough to prevent a move lower this week.
Intraday bias is lower, RSI, Stochastics on daily charts point south and MACD is well below the zero mark.
Technically, we see scope for break below channel base which could drag the pair to next support at 99.57.
However, how much yen appreciation the BoJ will tolerate is keeping markets wary.
Support is seen at 100.53 (channel base) ahead of 100.18 (lower Bollinger Band) and then 100 levels.
Resistance on the upside seen at 101, 101.76 (July 6th highs) and then 102 levels.

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