USDJPY on Friday dropped -0.16% to 149.51000. Week ending 2023-10-13 rose 0.16%. . What happened.
|Week 2023-10-13||0.16%||24.1 Pips|
Upcoming key events for the new week (London Time)
Tue 01:30 PM Monthly Retail Trade (1-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
What happened over the week
🇺🇸 U.S. Michigan Index of Consumer Sentiment in October preliminary estimate below forecast and dropped to 63 points compared to previous figure 68.1 points in September Source: University of Michigan
🇺🇸 In the week ending 07 October, U.S. Initial Unemployment Insurance Claims rose to 209K compared to previous figure 207K Source: Department of Labor
🇺🇸 U.S. CPI Inflation Rate (12-mth) in September unchanged at 3.7% compared to previous report in August. Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in September dropped to 4.1% compared to previous figure 4.3% in August Source: Bureau of Labor Statistics
🇺🇸 U.S. Producer Price Index (12-mth) in September exceed forecast and rose to 2.2% compared to previous figure 2, revised from 1.6% in August
From X (Twitter)
Direct Investment by Region and Industry (2nd quarter 2023) https://t.co/62SdXbVBHO
— Bank of Japan (@Bank_of_Japan_e) October 9, 2023
What can we expect from USDJPY for the new week and what happened on Friday?
USDJPY on Friday dropped -0.16% to 149.51. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-10-13, the pair rose 0.16% or 24.1 pips higher.
Looking ahead on Monday, USDJPY looks bearish as the pair posted lower in Friday trading session.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 149.83 or at least consolidates above Weekly Pivot level of 149.17. On the downside, we are looking at week low 148.16 or 148.51 (WS1) as immediate support level. USDJPY need to break on either side to indicate a short-term bias. A break above 149.83 would suggest bullish bias after recent positive movement.
For the month of October, USDJPY is up by 0.12% or 18.5 pips higher.
Weekly key levels to watch out:
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