USDJPY on Wednesday rose 0.9% to 137.58. What we know.

USDJPY Analysis

Performance after Wednesday
Wednesday0.9%122.2 Pips
Week to-date1.35%182.8 Pips
May0.98%133.3 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Census Bureau
🇯🇵 Industrial Production (12-mth) in March below forecast and improved to -0.6% compared to previous figure -0.7% in February METI
🇯🇵 GDP (12-mth) in Q1 preliminary estimate exceed forecast and rose to 1.56% compared to previous figure 0.1% in Q4
🇺🇸 Retail Trade Control Group in April rose to 0.7% compared to previous figure -0.4, revised from -0.3% in March Census Bureau

USDJPY 4-hour Chart by TradingView

What can we expect from USDJPY today?

USDJPY on Wednesday rose 0.9% to 137.58. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for USDJPY looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 138.1 with break above could target R2 at 138.62. While towards the downside, we are looking at daily low of 136.29 as an important support. Break below this level could weaken the current bullish momentum. A break above 137.71 would suggest bullish bias after recent positive movement.

For the week to-date, take note that USDJPY is bullish as the pair continued to trade higher and is up by 1.35% over the past few days.

Key levels to watch out:

Daily Pivot137.19

You might be interested in:

New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Monthly Report of Current Production Statistics (March 2023). Ministry of Economy, Trade and Industry
Revised Report on Indices of Industrial Production (March 2023). Ministry of Economy, Trade and Industry
Quarterly GDP bulletin. Cabinet Office
Advanced Monthly Sales for Retail and Food Services. Census Bureau
Monthly Report on the Current Survey of Commerce (March 2023). Ministry of Economy, Trade and Industry

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