USDJPY on Friday dropped -0.1% to 151.43. Week ending 2024-03-22 rose 1.61%. What’s going on.

USDJPY Analysis

Friday-0.1%-15.1 Pips
Week 2024-03-221.61%239.6 Pips
March0.97%145.8 Pips

Upcoming key events for the new week (London Time)

Thu 12:30 PM Initial Unemployment Insurance Claims
Thu 12:30 PM GDP Annualized
Thu 11:30 PM Tokyo CPI (Inflation Rate) (12-mth)
Fri 05:00 AM Good Friday
Fri 12:30 PM Personal Consumption Expenditures Price Index (1-mth)
Fri 12:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in March dropped to 3.2 points compared to previous figure 5.2 points in February
🇯🇵 Japan Imports (12-mth) in February rose to 0.5% compared to previous figure -9.8, revised from -9.6% in January Source: Ministry of Finance Japan
🇯🇵 Japan Merchandise Trade Balance Total in February rose to -379.4¥ compared to previous figure -1760.3¥ (revised from -1758.3¥) Source: Ministry of Finance Japan
🇯🇵 Japan Exports (12-mth) in February dropped to 7.8% compared to previous figure 11.9% in January Source: Ministry of Finance Japan
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
🇺🇸 U.S. Building Permits (1-mth) in February rose to 1.518M compared to previous figure 1.489, revised from 1.47M in January Source: Census Bureau
🇯🇵 Japan Bank of Japan Short-Term Policy Interest Rate rose to 0% compared to previous rate -0.1% Source: Bank of Japan

From X (Twitter)

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

USDJPY on Friday dropped -0.1% to 151.43. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2024-03-22, the pair rose 1.61% or 239.6 pips higher.

Looking ahead on Monday, USDJPY looks mixed as the pair is likely to consolidate above week low of 148.90.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 152.56 (WR1) with break above could target 153.69 (WR2). On the downside, we are looking at week low of 148.90 as an important support. Break below this level could weaken the current bullish momentum. A break above 151.86 would suggest bullish bias after recent positive movement.

For the month of March, USDJPY is up by 0.97% or 145.8 pips higher.

Weekly key levels to watch out:

Weekly Pivot150.73

Leave a comment

Your email address will not be published. Required fields are marked *