USDJPY on Friday dropped 0% to 150.53. Week ending 2024-02-23 rose 0.3%. What happened.

USDJPY Analysis

Performance
PeriodPctChgMomentum
Friday0%0.7 Pips
Week 2024-02-230.3%44.4 Pips
February2.41%353.9 Pips

Upcoming key events for the new week (London Time)

Wed 01:30 PM GDP Annualized
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
Thu 01:30 PM Personal Consumption Expenditures Price Index (1-mth)

What happened over the week

🇯🇵 Japan Imports (12-mth) in January dropped to -9.6% compared to previous figure -6.9% (revised from -6.8%) Source: Ministry of Finance Japan
🇯🇵 Japan Exports (12-mth) in January rose to 11.9% compared to previous figure 9.7% (revised from 9.8%) Source: Ministry of Finance Japan
🇯🇵 Japan Merchandise Trade Balance Total in January dropped to -1758.3¥ compared to previous figure 68.9¥ (revised from 62.1¥) Source: Ministry of Finance Japan

From X (Twitter)


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

USDJPY on Friday dropped 0% to 150.53. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-02-23, the pair rose 0.3% or 44.4 pips higher.

Looking ahead on Monday, USDJPY looks mixed as the pair is likely to consolidate above week low of 149.70.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 150.77 or at least consolidates above Weekly Pivot level of 150.33. On the downside, we are looking at week low 149.70 or 149.90 (WS1) as immediate support level. USDJPY need to break on either side to indicate a short-term bias. A break above 150.77 would suggest bullish bias after recent positive movement.

For the month of February, USDJPY is up by 2.41% or 353.9 pips higher.

Weekly key levels to watch out:

R3152.04
R2151.41
R1150.97
Weekly Pivot150.33
S1149.90
S2149.26
S3148.83

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