USDJPY on Friday dropped -0.73% to 149.33000. Week ending 2023-11-03 moved lower by -0.18%. What happened.
USDJPY Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.73% | -109.7 Pips |  | ||
| Week 2023-11-03 | -0.18% | -26.6 Pips |  | ||
| November | -1.51% | -229.4 Pips | | ||
Upcoming key events for the new week (London Time)
Wed 02:15 PM Federal Reserve Chair Jerome Powell speech 
Thu 01:30 PM Initial Unemployment Insurance Claims Fri 03:00 PM Michigan Index of Consumer Sentiment
What happened over the week
🇺🇸 U.S. Nonfarm Payroll Employment in October added 150K jobs, unemployment rate changed little at 3.9%. Source: Bureau of Labor Statistics
🇺🇸 U.S. Factory Orders (1-mth) in September exceed forecast and rose to 2.8% compared to previous figure 1, revised from 1.2% in August Source: Census Bureau
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q3 preliminary estimate exceed forecast and rose to 4.7% compared to previous figure 3.5% in Q2 Source: Bureau of Labor Statistics
🇺🇸 U.S. Challenger Job Cuts in October dropped to 36.836K compared to previous figure 47.457K in September
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in September exceed forecast and rose to 9.553M compared to previous figure 9.497, revised from 9.61M in August Source: Bureau of Labor Statistics
🇺🇸 U.S. Housing Price Index (1-mth) in August exceed forecast and dropped to 0.6% compared to previous figure 0.8% in July
🇺🇸 U.S. Employment Cost Index in Q3 exceed forecast and rose to 1.1% compared to previous figure 1% in Q2
🇯🇵 Japan Bank of Japan Short-Term Policy Interest Rate unchanged at -0.1% compared to previous rate -0.1% Source: Bank of Japan
🇯🇵 Japan Retail Trade seasonal adjustment (1-mth) in September below forecast and dropped to -0.1% compared to previous figure 0.1% in August Source: METI
🇯🇵 Japan Unemployment Rate in September dropped to 2.6% compared to previous figure 2.7% in August Source: Statistics Bureau of Japan
From X (Twitter)
The BOJ released the Statement on Monetary Policy after the October 30 and 31 Monetary Policy Meeting.https://t.co/bmgORqQWF0 pic.twitter.com/WIftpEtT6F
— Bank of Japan (@Bank_of_Japan_e) October 31, 2023
What can we expect from USDJPY for the new week and what happened on Friday?
USDJPY on Friday dropped -0.73% to 149.33. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-11-03, the pair dropped -0.18% or -26.6 pips lower.
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 151.73 or at least consolidates above Weekly Pivot level of 149.95. On the downside, we are looking at week low 148.80 or 148.18 (WS1) as immediate support level. USDJPY need to break on either side to indicate a short-term bias. A close below week low of 148.80 would indicate selling pressure.
For the month of November, USDJPY is down by -1.51% or -229.4 pips lower.
Weekly key levels to watch out:
| R3 | 154.03 |
| R2 | 152.88 |
| R1 | 151.11 |
| Weekly Pivot | 149.95 |
| S1 | 148.18 |
| S2 | 147.03 |
| S3 | 145.25 |
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