USDJPY on Friday dropped -0.01% to 148.15. Week ending 2024-01-19 rose 2.24%. What’s going on.

USDJPY Analysis

Performance
PeriodPctChgMomentum
Friday-0.01%-0.8 Pips
Week 2024-01-192.24%324.1 Pips
January5.07%714.7 Pips

Upcoming key events for the new week (London Time)

Tue 03:00 AM Bank of Japan Short-Term Policy Interest Rate
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP Annualized
Thu 11:30 PM Tokyo CPI (Inflation Rate) (12-mth)
Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in January preliminary estimate exceed forecast and rose to 78.8 points compared to previous figure 69.7 points in December Source: University of Michigan
🇯🇵 Japan National CPI Inflation Rate (12-mth) in December exceed forecast and dropped to 2.6% compared to previous figure 2.8% in November Source: Statistics Bureau of Japan
🇺🇸 In the week ending 13 January, U.S. Initial Unemployment Insurance Claims dropped to 187K compared to previous figure 202K Source: Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in January below forecast and improved to -10.6 points compared to previous figure -12.8, revised from -10.5 points in December
🇺🇸 U.S. Industrial Production (1-mth) in December rose to 0.1% compared to previous figure 0.2%
🇺🇸 U.S. Monthly Retail Trade excluding Automobile (1-mth) in December exceed forecast and rose to 0.4% compared to previous figure 0.2% in November

From X (Twitter)


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

USDJPY on Friday dropped -0.01% to 148.15. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2024-01-19, the pair rose 2.24% or 324.1 pips higher.

Looking ahead on Monday, USDJPY looks mixed as the pair is likely to consolidate above week low of 144.79.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 149.70 (WR1) with break above could target 151.26 (WR2). On the downside, we are looking at week low of 144.79 as an important support. Break below this level could weaken the current bullish momentum. A break above 148.80 would suggest bullish bias after recent positive movement.

For the month of January, USDJPY is up by 5.07% or 714.7 pips higher.

Weekly key levels to watch out:

R3153.72
R2151.26
R1149.70
Weekly Pivot147.25
S1145.69
S2143.23
S3141.68

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