USDJPY on Friday rose 0.5% to 138.74. Week ending 2023-07-14 moved lower by -2.35%. What you need to know.
|Week 2023-07-14||-2.35%||-334 Pips|
Upcoming key events for the new week (London Time)
Tue 01:30 PM Monthly Retail Trade (1-mth)
Tue 01:30 PM Retail Trade Control Group
Thu 01:30 PM Initial Unemployment Insurance Claims
What happened over the week
🇺🇸 U.S. Michigan Index of Consumer Sentiment in July preliminary estimate exceed forecast and rose to 72.6 points compared to previous figure 64.4 points in June Source: University of Michigan
🇺🇸 U.S. Monthly Budget Statement in June exceed forecast and improved to -228$ compared to previous figure -240$ in May Source: Bureau of the Fiscal Service
🇺🇸 In the week ending 08 July, U.S. Initial Unemployment Insurance Claims dropped to 237K compared to previous figure 248K Source: Department of Labor
🇺🇸 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 (12-mth) in June below forecast and dropped to 3% compared to previous figure 4% in May Source: Bureau of Labor Statistics
What can we expect from USDJPY for the new week and what happened on Friday?
USDJPY on Friday rose 0.5% to 138.74. Price is below 9-Day EMA while Stochastic is rising in oversold zone. For the week ending 2023-07-14, the pair dropped -2.35% or -334 pips lower.
Looking ahead on Monday, USDJPY looks mixed as the pair is likely to consolidate above week low of 137.24.
For the new week, our technical outlook looks bearish, immediate support level is at 136.32 (WS1) with break below could see further selling pressure towards 133.89 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 143.00 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 137.24 would indicate selling pressure.
For the month of July, USDJPY is down by -3.83% or -551.8 pips lower.
Weekly key levels to watch out:
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