USDJPY on Friday dropped -0.11% to 149.40000. Week ending 2023-11-24 moved lower by -0.11%. What happened.

USDJPY Analysis

Performance
PeriodPctChgMomentum
Friday-0.11%-16.5 Pips
Week 2023-11-24-0.11%-16.6 Pips
November-1.47%-223.1 Pips

Upcoming key events for the new week (London Time)

Wed 01:30 PM GDP Annualized
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
Fri 04:00 PM Federal Reserve Chair Jerome Powell speech

What happened over the week

🇯🇵 Japan National CPI Inflation Rate (12-mth) in October exceed forecast and rose to 3.3% compared to previous figure 3% in September Source: Statistics Bureau of Japan
🇯🇵 Japan National CPI Inflation Rate excluding Fresh Food (12-mth) in October below forecast and rose to 2.9% compared to previous figure 2.8% in September Source: Statistics Bureau of Japan
🇯🇵 Japan National CPI Inflation Rate excluding Food and Energy (12-mth) in October below forecast and dropped to 4% compared to previous figure 4.2% in September Source: Statistics Bureau of Japan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October Source: University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast Source: University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Source: Census Bureau

From X (Twitter)


What can we expect from USDJPY for the new week and what happened on Friday?

USDJPY on Friday dropped -0.11% to 149.40. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2023-11-24, the pair dropped -0.11% or -16.6 pips lower.

Looking ahead on Monday, USDJPY looks mixed as the pair is likely to consolidate above week low of 147.15.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 149.99 or at least consolidates above Weekly Pivot level of 148.84. On the downside, we are looking at week low 147.15 or 147.70 (WS1) as immediate support level. USDJPY need to break on either side to indicate a short-term bias. A close below week low of 147.15 would indicate selling pressure.

For the month of November, USDJPY is down by -1.47% or -223.1 pips lower.

Weekly key levels to watch out:

R3153.38
R2151.68
R1150.54
Weekly Pivot148.84
S1147.70
S2146.01
S3144.86

You might also be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Minutes of the Federal Open Market Committee, October 31-November 1, 2023 Source: Federal Reserve

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