USDJPY on Thursday dropped -0.38% to 134.09. Pair in consolidation. What we know.

USDJPY Analysis

Performance after Thursday
PeriodPctChgMomentum
Thursday-0.38%-51.1 Pips
Week to-date0.24%32.6 Pips
April0.96%127.4 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇯🇵 National CPI Inflation Rate (12-mth) in March exceed forecast and dropped to 3.2% compared to previous figure 3.3% in February
🇯🇵 National CPI Inflation Rate excluding Fresh Food (12-mth) in March unchanged at 3.1% compared to previous report in February. The actual figure is also in line with the forecast
🇯🇵 National CPI Inflation Rate excluding Food & Energy (12-mth) in March exceed forecast and rose to 3.8% compared to previous figure 3.5% in February
In the week ending 15 April, the Initial Unemployment Insurance Claims rose to 245K compared to 240K, revised from 239K in the previous report Department of Labor
🇺🇸 Philadelphia Fed Manufacturing Survey in April exceed forecast and dropped to -31.3 points compared to previous figure -23.2 points in March
🇯🇵 Merchandise Trade Balance Total in March exceed forecast and improved to -754.5¥ compared to previous figure -898.1, revised from -897.7¥ in February
🇯🇵 Exports (12-mth) in March exceed forecast and dropped to 4.3% compared to previous figure 6.5% in February
🇯🇵 Imports (12-mth) in March exceed forecast and dropped to 7.3% compared to previous figure 8.3% in February
🇯🇵 Industrial Production (12-mth) in February below forecast and improved to -0.5% compared to previous figure -0.6% in January METI


USDJPY 4-hour Chart by TradingView

What can we expect from USDJPY today?

USDJPY on Thursday dropped -0.38% to 134.09. Price is above 9-Day EMA while Stochastic is falling in overbought zone.

Updated daily direction for USDJPY looks mixed as the pair is likely to consolidate above 133.74 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 134.97 or trades above daily pivot 134.36. While to the downside, the daily low of 134.01 and 133.74 (S1) as immediate support levels. USDJPY need to break on either side to indicate a short-term bias. A close below 134.01 would indicate selling pressure.

For the week to-date, take note that USDJPY is bullish as the pair continued to trade higher and is up by 0.24% over the past few days.

Key levels to watch out:

R3135.67
R2135.32
R1134.71
Daily Pivot134.36
S1133.74
S2133.39
S3132.78

You might be interested in:

Report on Indices of Tertiary Industry Activity (February 2023). Ministry of Economy, Trade and Industry
The Time Series Data on Current Production Statistics. Ministry of Economy, Trade and Industry
Trade Statistics (March 2023 & Fiscal Year April – March 2022 [Provisional]). Ministry of Finance
Monthly Report of Current Production Statistics (February 2023). Ministry of Economy, Trade and Industry
Revised Report on Indices of Industrial Production (February 2023). Ministry of Economy, Trade and Industry
Minutes of the Board’s discount rate meetings from February 21 through March 22, 2023. Federal Reserve
New Residential Construction. Census Bureau

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