USDJPY on Thursday dropped -0.97% to 147.91. Looking bearish. What we know.

USDJPY Analysis

Performance after Thursday
Thursday-0.97%-145.2 Pips
Week to-date-1.43%-214.9 Pips
March-1.37%-205.6 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇯🇵 Japan Labor Cash Earnings (12-mth) in January rose to 2% compared to previous figure 1% in December
🇺🇸 In the week ending 02 March, Initial Unemployment Insurance Claims in U.S. was unchanged at 217K compared to previous figure 217K (revised from 215K) Source: Department of Labor
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q4 unchanged at 3.2% compared to previous report in Q3. Source: Bureau of Labor Statistics
🇺🇸 U.S. Challenger Job Cuts in February rose to 84.638K compared to previous figure 82.307K in January
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in January dropped to 8.863M compared to previous figure 9.026M in December Source: Bureau of Labor Statistics

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What can we expect from USDJPY today?

USDJPY on Thursday dropped -0.97% to 147.91. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDJPY looks bearish as the pair posted lower in Thursday trading session.

Looking ahead for the day, immediate support level is at 147.24 (S1) with break below could see further selling pressure towards 146.56 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 149.28 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 147.58 would indicate selling pressure.

For the week to-date, take note that USDJPY is bearish as the pair posted lower by -1.43%.

Key levels to watch out:

Daily Pivot148.26

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