USDJPY on Wednesday dropped -0.84% to 134.07. Looking bearish. What we know.

USDJPY Analysis

Performance after Wednesday
Wednesday-0.84%-113.5 Pips
Week to-date-0.58%-77.8 Pips
May-1.61%-219.9 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 CPI Inflation Rate (12-mth) in April below forecast and dropped to 4.9% compared to previous figure 5% in March Bureau of Labor Statistics
🇯🇵 Overall Household Spending (12-mth) in March below forecast and dropped to -1.9% compared to previous figure 1.6% in February Statistics Bureau of Japan

USDJPY 4-hour Chart by TradingView

What can we expect from USDJPY today?

USDJPY on Wednesday dropped -0.84% to 134.07. Price is below 9-Day EMA while Stochastic is falling.

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

Looking ahead for the day, immediate support level is at 133.58 (S1) with break below could see further selling pressure towards 133.1 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 135.47 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 134.04 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 Pivot134.53

You might be interested in:

Balance of Payments, March 2023 (Preliminary). Ministry of Finance
In April, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 4.9 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.4 percent in April (SA); up 5.5 percent over the year (NSA).. Bureau of Labor Statistics Publications
Trade Statistics (First 20 Days of April 2023 [Provisional]). Ministry of Finance
Monthly Wholesale Trade: Sales and Inventories. Census Bureau
Minutes of the Monetary Policy Meeting on March 9 and 10, 2023. Bank of Japan

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