USD/JPY Dives as Weaker Dollar and Bitcoin Struggle with Resistance

The USD/JPY pair struggled to hold onto its gains near 164.00 and subsequently started a fresh decline.

The bearish momentum picked up pace after the pair broke below a major bullish trend line with support at 163.30 on the 4-hour chart, signaling a potential shift in market sentiment.

Additionally, Bitcoin's price action remains closely watched as it attempts to settle above the $65,650 resistance level, which could potentially boost its bullish momentum.

The US GDP growth rate of 1.5% in Q2 fell short of expectations at 2.1%, contributing to a weaker dollar and further fueling the decline of the USD/JPY pair.