USDJPY on Thursday dropped -0.26% to 134.24. Looking bearish. What we know.

USDJPY Analysis

Performance after Thursday
Thursday-0.26%-35.3 Pips
Week to-date-1.48%-201.1 Pips
May-1.48%-201.1 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

USD Nonfarm Business Labor Productivity in Q1 preliminary estimate dropped to -2.7% compared to previous figure 1.6% (revised from 1.7%). Bureau of Labor Statistics
🇺🇸 In the week ending 29 April, the Initial Unemployment Insurance Claims rose to 242K compared to previous figure 229K (revised from 230K) Department of Labor
🇺🇸 Goods and Services Trade Balance in March exceed forecast and improved to -64.2$ compared to previous figure -70.6, revised from -70.5$ in February
🇺🇸 Fed Interest Rate Decision (Federal Funds Rate) rose to 5.25% compared to previous rate 5% Federal Reserve

USDJPY 4-hour Chart by TradingView

What can we expect from USDJPY today?

USDJPY on Thursday dropped -0.26% to 134.24. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDJPY looks bearish as the pair posted lower in Thursday trading session.

Looking ahead for the day, immediate support level is at 133.53 (S1) with break below could see further selling pressure towards 132.83 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 134.88 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 133.50 would indicate selling pressure.

For the week to-date, take note that USDJPY is mixed as compared to prior week.

Key levels to watch out:

Daily Pivot134.21

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U.S. International Trade in Goods and Services. Census Bureau
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