USD/JPY Bounces Back from Session Lows

The USD/JPY currency pair rebounded from session lows to trade at around 163.82 on Friday.

This comes as the pair continues to move within a descending channel formation on the 60-minute chart, despite trading several levels above the 100-hour moving average line.

Additionally, the latest pullback helped recover from overbought levels of the 14-hour RSI.

From a fundamental perspective, Japan's preliminary Jibun Bank Manufacturing PMI for July fell slightly to 54.7, beating the forecasted reading of 54.5.