USDJPY on Wednesday rose 0.22% to 141.69. Pair in consolidation. What we know.

USDJPY Analysis

Performance after Wednesday
Wednesday0.22%31.3 Pips
Week to-date-0.1%-14.2 Pips
June1.71%238.4 Pips

Upcoming key events (London Time)

Thu 03:00 PM USD Federal Reserve Chair Jerome Powell testifies

What happened lately

🇺🇸 U.S. Building Permits (1-mth) in May exceed forecast and rose to 1.491M compared to previous figure 1.417, revised from 1.416M in April Census Bureau
🇯🇵 Japan Industrial Production (12-mth) in April exceed forecast and dropped to -0.7% compared to previous figure -0.3% in March METI

USDJPY 4-hour Chart by TradingView

What can we expect from USDJPY today?

USDJPY on Wednesday rose 0.22% to 141.69. Price is above 9-Day EMA while Stochastic is falling in overbought zone.

Updated daily direction for USDJPY looks mixed as the pair is likely to consolidate above 141.18 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 142.37 or trades above daily pivot 141.78. While to the downside, the daily low of 141.27 and 141.18 (S1) as immediate support levels. USDJPY need to break on either side to indicate a short-term bias. A break above 142.37 would suggest bullish bias after recent positive movement.

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

Key levels to watch out:

Daily Pivot141.78

You might be interested in:

Powell, Semiannual Monetary Policy Report to the Congress. Federal Reserve
Business Formation Statistics. Census Bureau
The Time Series Data on Current Production Statistics. Ministry of Economy, Trade and Industry
Minutes of the Monetary Policy Meeting on April 27 and 28, 2023. Bank of Japan
New Residential Construction. Census Bureau
Monthly Report of Current Production Statistics (April 2023). Ministry of Economy, Trade and Industry
Revised Report on Indices of Industrial Production (April 2023). Ministry of Economy, Trade and Industry

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