USDJPY on Friday dropped -0.26% to 144.90. Week ending 2024-01-12 rose 0.2%. What happened.

USDJPY Analysis

Performance
PeriodPctChgMomentum
Friday-0.26%-38.4 Pips
Week 2024-01-120.2%29.3 Pips
January2.76%389.8 Pips

Upcoming key events for the new week (London Time)

Mon 05:00 AM Martin Luther King Jr. Day
Wed 01:30 PM Monthly Retail Trade (1-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Producer Price Index (12-mth) in December below forecast and rose to 1% compared to previous figure 0.8, revised from 0.9% in November
🇺🇸 U.S. Monthly Budget Statement in December below forecast and improved to -129$ compared to previous figure -314$ in November Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in December exceed forecast and rose to 3.4% compared to previous figure 3.1% in November Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in December exceed forecast and rose to 0.3% compared to previous figure 0.1% in November Source: Bureau of Labor Statistics
🇺🇸 In the week ending 06 January, U.S. Initial Unemployment Insurance Claims dropped to 202K compared to previous figure 203K (revised from 202K) Source: Department of Labor
🇯🇵 Japan Labor Cash Earnings (12-mth) in November below forecast and dropped to 0.2% compared to previous figure 1.5% in October
🇯🇵 Japan Tokyo CPI (Inflation Rate) (12-mth) in December below forecast and dropped to 2.4% compared to previous figure 2.6% in November Source: Statistics Bureau of Japan

From X (Twitter)


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

USDJPY on Friday dropped -0.26% to 144.90. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-01-12, the pair rose 0.2% or 29.3 pips higher.

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 146.41 or at least consolidates above Weekly Pivot level of 144.91. On the downside, we are looking at week low 143.42 or 143.40 (WS1) as immediate support level. USDJPY need to break on either side to indicate a short-term bias. A break above 146.41 would suggest bullish bias after recent positive movement.

For the month of January, USDJPY is up by 2.76% or 389.8 pips higher.

Weekly key levels to watch out:

R3149.40
R2147.91
R1146.40
Weekly Pivot144.91
S1143.40
S2141.91
S3140.40

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