USDJPY on Friday dropped -0.65% to 147.08. Week ending 2024-03-08 moved lower by -1.99%. What you need to know.

USDJPY Analysis

Performance
PeriodPctChgMomentum
Friday-0.65%-96.1 Pips
Week 2024-03-08-1.99%-298 Pips
March-1.93%-288.7 Pips

Upcoming key events for the new week (London Time)

Tue 12:30 PM CPI Inflation Rate (12-mth)
Thu 12:30 PM Initial Unemployment Insurance Claims
Thu 12:30 PM PPI excluding Food and Energy sectors (12-mth)
Thu 12:30 PM Monthly Retail Trade (1-mth)

What happened over the week

🇺🇸 U.S. Nonfarm Payroll Employment in February rose to 275K compared to previous figure 229K (revised down by 124K) in January Source: Bureau of Labor Statistics
🇯🇵 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
🇺🇸 U.S. Factory Orders (1-mth) in January dropped to -3.6% compared to previous figure -0.3, revised from 0.2% in December Source: Census Bureau
🇯🇵 Japan Tokyo CPI (Inflation Rate) (12-mth) in February rose to 2.6% compared to previous figure 1.6% in January Source: Statistics Bureau of Japan
🇯🇵 Japan Tokyo CPI excluding fresh food and energy (12-mth) in February dropped to 3.1% compared to previous figure 3.3% (revised from 3.1%) Source: Statistics Bureau of Japan
🇯🇵 Japan Tokyo CPI excluding fresh food (12-mth) in February dropped to 1.6% compared to previous figure 1.8% (revised from 1.6%) 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 -0.65% to 147.08. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-03-08, the pair dropped -1.99% or -298 pips lower.

Looking ahead on Monday, USDJPY looks bearish as the pair posted lower in Friday trading session.

For the new week, our technical outlook looks bearish, immediate support level is at 145.52 (WS1) with break below could see further selling pressure towards 143.95 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 150.57 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 146.48 would indicate selling pressure.

For the month of March, USDJPY is down by -1.93% or -288.7 pips lower.

Weekly key levels to watch out:

R3153.70
R2152.14
R1149.61
Weekly Pivot148.04
S1145.52
S2143.95
S3141.43

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