USDJPY on Thursday dropped -0.33% to 137.96. What you need to know. What is going on.

USDJPY Analysis

Performance after Thursday
Thursday-0.33%-45.5 Pips
Week to-date-2.9%-412.4 Pips
July-4.37%-630.2 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 U.S. Producer Price Index ex Food & Energy (1-mth) in June unchanged at 0.1% compared to previous report in May.
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in June below forecast and dropped to 0.2% compared to previous figure 0.4% in May Bureau of Labor Statistics

USDJPY 4-hour Chart by TradingView

What can we expect from USDJPY today?

USDJPY on Thursday dropped -0.33% to 137.96. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

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 137.58 (S1) with break below could see further selling pressure towards 137.21 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 138.96 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 137.89 would indicate selling pressure.

For the week to-date, take note that USDJPY is bearish as the pair posted lower by -2.9%.

Key levels to watch out:

Daily Pivot138.27

You might be interested in:

CPI for all items rises 0.2% in June; shelter up. Bureau of Labor Statistics
Machinery Orders. Cabinet Office

Leave a comment

Your email address will not be published. Required fields are marked *