USDJPY on Wednesday dropped -0.39% to 146.90. Looking bearish. What we know.

USDJPY Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday-0.39%-58 Pips
Week to-date-1.68%-250.5 Pips
November-3.12%-472.9 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)
Fri 04:00 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

🇯🇵 Japan Retail Trade seasonal adjustment (1-mth) in October exceed forecast and dropped to -1.6% compared to previous figure -0.1% in September Source: METI
🇯🇵 Japan Retail Trade (12-mth) in October below forecast and dropped to 4.2% compared to previous figure 6.2, revised from 5.8% in September Source: METI
🇺🇸 U.S. Housing Price Index (1-mth) in September unchanged at 0.6% compared to previous report in August.

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What can we expect from USDJPY today?

USDJPY on Wednesday dropped -0.39% to 146.90. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDJPY looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at 146.41 (S1) with break below could see further selling pressure towards 145.92 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 147.91 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 146.66 would indicate selling pressure.

For the week to-date, take note that USDJPY is bearish as the pair posted lower by -1.68%.

Key levels to watch out:

R3148.89
R2148.4
R1147.65
Daily Pivot147.16
S1146.41
S2145.92
S3145.17

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