USDJPY on Friday dropped 0% to 144.62. Week ending 2024-01-05 rose 2.57%. What’s going on.

USDJPY Analysis

Performance
PeriodPctChgMomentum
Friday0%-0.1 Pips
Week 2024-01-052.57%362.5 Pips
January2.57%362.5 Pips

Upcoming key events for the new week (London Time)

Mon 11:30 PM Tokyo CPI (Inflation Rate) (12-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM CPI Inflation Rate (12-mth)
Fri 01:30 PM PPI excluding Food and Energy sectors (12-mth)

What happened over the week

🇺🇸 U.S. Factory Orders (1-mth) in November exceed forecast and rose to 2.6% compared to previous figure -3.4, revised from -3.6% in October Source: Census Bureau
🇺🇸 U.S. Average Hourly Earnings (12-mth) in December exceed forecast and rose to 4.1% compared to previous figure 4% in November Source: Bureau of Labor Statistics
🇺🇸 U.S. Nonfarm Payroll Employment in December rose to 216K compared to previous figure 173K (revised from 199K) Source: Bureau of Labor Statistics
🇺🇸 In the week ending 30 December, the advance figure for seasonally adjusted initial jobless claims dropped to 202K compared to previous figure 220K (revised from 218K) Source: Department of Labor
🇺🇸 U.S. Challenger Job Cuts in December dropped to 34.817K compared to previous figure 45.51K in November
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in November below forecast and dropped to 8.79M compared to previous figure 8.852, revised from 8.733M in October Source: Bureau of Labor Statistics

From X (Twitter)


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

USDJPY on Friday dropped 0% to 144.62. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-01-05, the pair rose 2.57% or 362.5 pips higher.

Looking ahead on Monday, USDJPY looks mixed as the pair is likely to consolidate above week low of 140.78.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 146.81 (WR1) with break above could target 148.99 (WR2). On the downside, we are looking at week low of 140.78 as an important support. Break below this level could weaken the current bullish momentum. A break above 145.98 would suggest bullish bias after recent positive movement.

For the month of January, USDJPY is up by 2.57% or 362.5 pips higher.

Weekly key levels to watch out:

R3152.00
R2148.99
R1146.81
Weekly Pivot143.79
S1141.61
S2138.60
S3136.41

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