USDJPY on Friday rose 0.33% to 132.14. Week ending 2023-04-07 moved lower by -0.5%. What happened.

USDJPY Analysis

Week ending 2023-04-07
OpenHighLowClose
133.25133.75130.61132.14
Performance
PeriodPctChgMomentum
Friday0.33%43.7 Pips
Week 2023-04-07-0.5%-66 Pips
April-0.5%-66 Pips

Upcoming key events for the new week (London Time)

Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) | Mar
Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (12-mth) | Mar
Wed 07:00 PM USD FOMC Meeting Minutes
Fri 01:30 PM USD Retail Trade Turnover (1-mth) | Mar
Fri 01:30 PM USD Retail Trade Control Group | Mar
Fri 03:00 PM USD Michigan Index of Consumer Sentiment | Apr flash
Sat 01:00 AM USD IMF Meeting

What happened over the week

📆 ☢️ 🇺🇸 USD Nonfarm Payroll Employment | Mar in March below forecast and dropped to 236K compared to previous figure 326, revised from 311K in February. Source: Bureau of Labor Statistics
📆 🇯🇵 JPY Overall Household Spending (12-mth) | Feb in February below forecast and rose to 1.6% compared to previous figure -0.3% in January. Source:
🇺🇸 📆 USD In the week ending 01 April, the Initial Unemployment Insurance Claims rose to 228K compared to previous figure 198K. Source: Department of Labor
📆 🇺🇸 USD S&P Global Composite PMI | Mar in March below forecast and dropped to 52.3 points compared to previous figure 53.3 points in February. Source:
📆 🇺🇸 USD Goods and Services Trade Balance | Feb in February exceed forecast and dropped to -70.5$ compared to previous figure -68.7, revised from -68.3$ in January. Source:
📆 🇺🇸 USD Factory Orders (1-mth) | Feb in February exceed forecast and improved to -0.7% compared to previous figure -2.1, revised from -1.6% in January. Source: Census Bureau
📆 🇺🇸 USD S&P Global Manufacturing PMI | Mar in March below forecast and dropped to 49.2 points compared to previous figure 49.3 points in February. Source:




USDJPY Daily Chart by TradingView

What can we expect from USDJPY for the new week and what happened on Friday?

USDJPY on Friday rose 0.33% to 132.14. Price is neutral near 9-Day EMA while Stochastic is rising. For the week ending 2023-04-07, the pair dropped -0.5% or -66 pips lower.

Looking ahead on Monday, USDJPY looks bullish as the pair ended higher after Friday trading session.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 133.75 or at least consolidates above Weekly Pivot level of 132.17. On the downside, we are looking at week low 130.61 or 130.58 (WS1) as immediate support level. USDJPY need to break on either side to indicate a short-term bias. A close below week low of 130.61 would indicate selling pressure.

For the month of April, USDJPY is down by -0.5% or -66 pips lower.

Weekly key levels to watch out:

R3136.87
R2135.31
R1133.72
Weekly Pivot132.17
S1130.58
S2129.02
S3127.44

You might also be interested in:

NFP rose by 236,000 in March, and the unemployment rate changed little at 3.5% Source: Bureau of Labor Statistics Publications
Trade Statistics (First 20 Days of March 2023 [Provisional]) Source: Ministry of Finance
U.S. International Trade in Goods and Services, February 2023 Source: Bureau of Economic Analysis
U.S. International Trade in Goods and Services Source: Census Bureau
Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
February job openings and layoffs and discharges decrease; quits edge up Source: Bureau of Labor Statistics Publications
Tankan (Mar.): Comprehensive Data Set Source: Bank of Japan
Construction Spending Source: Census Bureau
Tankan (Mar.): Summary and Outline Source: Bank of Japan

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