USDJPY on Friday rose 0.5% to 149.03. Week ending 2024-03-15 rose 1.36%. What happened.

USDJPY Analysis

Performance
PeriodPctChgMomentum
Friday0.5%74.801 Pips
Week 2024-03-151.36%200.301 Pips
March-0.63%-93.799 Pips

Upcoming key events for the new week (London Time)

Tue 03:00 AM Bank of Japan Short-Term Policy Interest Rate
Tue 03:00 PM Vernal Equinox Day
Wed 06:00 PM FOMC Monetary Policy Statement
Wed 06:00 PM FOMC Economic Projections
Wed 06:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 12:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in March flash estimate dropped to 76.5 points compared to previous figure 76.9 points in February Source: University of Michigan
🇺🇸 U.S. Industrial Production (1-mth) in February rose to -0.1% compared to previous figure -0.5% (revised from -0.1%)
🇺🇸 U.S. Monthly Retail Trade (1-mth) in February rose to 0.6% compared to previous figure -0.8% in January Source: Census Bureau
🇺🇸 U.S. PPI excluding Food and Energy sectors (12-mth) in February unchanged at 2% compared to previous report in January.
🇺🇸 U.S. Producer Price Index (1-mth) in February rose to 0.6% compared to previous figure 0.3% in January
🇺🇸 U.S. Monthly Budget Statement in February dropped to -296$ compared to previous figure -22$ in January Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in February rose to 3.2% compared to previous figure 3.1% in January Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in February rose to 0.4% compared to previous figure 0.3% in January Source: Bureau of Labor Statistics

From X (Twitter)


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

USDJPY on Friday rose 0.5% to 149.03. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-03-15, the pair rose 1.36% or 200.301 pips higher.

Looking ahead on Monday, USDJPY looks bullish as the pair ended higher after 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 149.16 or at least consolidates above Weekly Pivot level of 148.23. On the downside, we are looking at week low 146.48 or 147.29 (WS1) as immediate support level. USDJPY need to break on either side to indicate a short-term bias. A break above 149.16 would suggest bullish bias after recent positive movement.

For the month of March, USDJPY is down by -0.63% or -93.799 pips lower.

Weekly key levels to watch out:

R3152.65
R2150.91
R1149.97
Weekly Pivot148.23
S1147.29
S2145.55
S3144.61

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