USDJPY on Wednesday dropped -0.51% to 139.06. End May up by 2.07% or 281.7 pips higher. Looking bearish. What we know.
|Performance after Wednesday|
|Week to-date||-1.09%||-153.8 Pips|
Upcoming key events (London Time)
Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
🇺🇸 U.S. Housing Price Index (1-mth) in March dropped to 0.6% compared to previous figure 0.7% (revised from 0.5%)
🇯🇵 Japan Jobs / Applicants Ratio in April unchanged at 1.32 points compared to previous report in March. The actual figure is also in line with the forecast JILPT
🇯🇵 Japan Unemployment Rate in April below forecast and dropped to 2.6% compared to previous figure 2.8% in March Statistics Bureau of Japan
What can we expect from USDJPY today?
USDJPY on Wednesday dropped -0.51% to 139.06. Price is below 9-Day EMA while Stochastic is falling in overbought zone.
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 138.6 (S1) with break below could see further selling pressure towards 138.15 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 140.40 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 139.05 would indicate selling pressure.
For the week to-date, take note that USDJPY is mixed as compared to prior week.
USDJPY ended month of May trading session up by 2.07% or 281.7 pips higher.
Key levels to watch out:
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Consumer Confidence Survey. Cabinet Office
Preliminary Report on Petroleum Statistics (April 2023). Ministry of Economy, Trade and Industry
Preliminary Report on Current Survey of Production (April 2023). Ministry of Economy, Trade and Industry
Preliminary Report on Indices of Industrial Production (April 2023). Ministry of Economy, Trade and Industry
Preliminary Report on the Current Survey of Commerce (April 2023). Ministry of Economy, Trade and Industry
Minutes of the Board’s discount rate meetings from April 10 through May 3, 2023. Federal Reserve
(BOJ Review) Developments in and Characteristics of Japan’s FX Market: An Analysis Based on the 2022 BIS Triennial Central Bank Survey. Bank of Japan
Trade Statistics (First 10 Days of May 2023 [Provisional]). Ministry of Finance
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