USDJPY on Friday dropped -0.09% to 134.10. Week ending 2023-04-21 rose 0.26%. What’s going on.
|Week 2023-04-21||0.26%||35.1 Pips|
Upcoming key events for the new week (London Time)
Wed 01:30 PM USD Durable Goods Orders
Wed 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD GDP Annualized
Fri 04:00 AM JPY Bank of Japan Short-Term Policy Interest Rate
Fri 04:00 AM JPY Bank of Japan Monetary Policy Statement
Fri 07:00 AM JPY Bank of Japan Press Conference
Fri 04:00 PM JPY Showa Day
What happened over the week
🇯🇵 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 Source: 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 Source: METI
🇺🇸 Building Permits (1-mth) in March below forecast and dropped to 1.413M compared to previous figure 1.55, revised from 1.524M in February Source: Census Bureau
What can we expect from USDJPY for the new week and what happened on Friday?
USDJPY on Friday dropped -0.09% to 134.10. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2023-04-21, the pair rose 0.26% or 35.1 pips higher.
Looking ahead on Monday, USDJPY looks mixed as the pair is likely to consolidate above week low of 133.55.
As for the new week, our technical outlook looks bullish, immediate upside resistance level at 134.97 (WR1) with break above could target 135.85 (WR2). On the downside, we are looking at week low of 133.55 as an important support. Break below this level could weaken the current bullish momentum. A break above 135.14 would suggest bullish bias after recent positive movement.
For the month of April, USDJPY is up by 0.98% or 129.9 pips higher.
Weekly key levels to watch out:
You might also be interested in:
Report on Indices of Tertiary Industry Activity (February 2023) Source: Ministry of Economy, Trade and Industry
The Time Series Data on Current Production Statistics Source: Ministry of Economy, Trade and Industry
Trade Statistics (March 2023 & Fiscal Year April – March 2022 [Provisional]) Source: Ministry of Finance
Monthly Report of Current Production Statistics (February 2023) Source: Ministry of Economy, Trade and Industry
Revised Report on Indices of Industrial Production (February 2023) Source: Ministry of Economy, Trade and Industry
Minutes of the Board’s discount rate meetings from February 21 through March 22, 2023 Source: Federal Reserve
New Residential Construction Source: Census Bureau
Business Formation Statistics Source: Census Bureau
Monthly Report on the Current Survey of Commerce (February 2023) Source: Ministry of Economy, Trade and Industry
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