USDJPY on Friday dropped -0.59% to 146.84000. Week ending 2023-12-01 moved lower by -1.72%. What you need to know.

USDJPY Analysis

Performance
PeriodPctChgMomentum
Friday-0.59%-87.3 Pips
Week 2023-12-01-1.72%-256.7 Pips
December-0.9%-134 Pips

Upcoming key events for the new week (London Time)

Mon 11:30 PM Tokyo CPI (Inflation Rate) (12-mth)
Tue 03:00 PM ISM Services PMI
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 11:50 PM GDP (3-mth)
Fri 01:30 PM Nonfarm Payroll Employment
Fri 03:00 PM Michigan Index of Consumer Sentiment

What happened over the week

🇯🇵 Japan Unemployment Rate in October below forecast and dropped to 2.5% compared to previous figure 2.6% in September Source: Statistics Bureau of Japan
🇺🇸 U.S. Personal Spending in October dropped to 0.2% compared to previous figure 0.7% in September Source: Bureau of Economic Analysis
🇺🇸 In the week ending 25 November, U.S. Initial Unemployment Insurance Claims rose to 218K compared to previous figure 211K (revised from 209K) Source: Department of Labor
🇯🇵 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.
🇺🇸 U.S. New-Home Sales Change (1-mth) in October below forecast and dropped to -5.6% compared to previous figure 8.6, revised from 12.3% in September

From X (Twitter)


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

USDJPY on Friday dropped -0.59% to 146.84. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-12-01, the pair dropped -1.72% or -256.7 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 looks bearish, immediate support level is at 145.77 (WS1) with break below could see further selling pressure towards 144.70 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 149.68 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 146.66 would indicate selling pressure.

For the month of December, USDJPY is down by -0.9% or -134 pips lower.

Weekly key levels to watch out:

R3151.81
R2150.74
R1148.79
Weekly Pivot147.72
S1145.77
S2144.70
S3142.75

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