USDJPY on Friday dropped -0.06% to 130.70. Week ending 2023-03-24 moved lower by -0.84%. What you need to know.

USDJPY on Friday dropped -0.06% to 130.70. Week ending 2023-03-24 moved lower by -0.84%. What you need to know.

USDJPY Analysis

Week ending 2023-03-24
Open High Low Close
131.82 133.00 129.61 130.70
Period Pct Chg Momentum
Friday -0.06% -7.801 Pips
Week 2023-03-24 -0.84% -110.2 Pips
March -4.02% -547.1 Pips

Upcoming key events for the new week (London Time)

Tue 05:00 AM JPY Bank of Japan’s Governor Haruhiko Kuroda speech
Thu 01:30 PM USD GDP (12-mth)

What happened over the week

๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ USD S&P Global Manufacturing PMI in March preliminary estimate exceed forecast and rose to 49.3 points compared to previous figure 47.3 points in February. Source
๐Ÿ“† โ˜ข๏ธ ๐Ÿ‡บ๐Ÿ‡ธ USD Durable Goods Orders in February below forecast and improved to -1% compared to previous figure -5, revised from -4.5% in January. Source
๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ USD Chicago Fed National Activity Index in February below forecast and dropped to -0.19 points compared to previous figure 0.23 points in January. Source
๐Ÿ“† โ˜ข๏ธ ๐Ÿ‡บ๐Ÿ‡ธ USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source

USDJPY Chart by TradingView

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

USDJPY on Friday dropped -0.06% to 130.70. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-03-24, the pair dropped -0.84% or -110.2 pips lower.

Looking ahead on Monday, USDJPY looks mixed as the pair is likely to consolidate above week low of 129.61.

For the new week, our technical outlook looks bearish, immediate support level is at 129.21 (WS1) with break below could see further selling pressure towards 127.71 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 133.00 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 129.61 would indicate selling pressure.

For the month of March, USDJPY is down by -4.02% or -547.1 pips lower.

Weekly key levels to watch out:

R3 135.99
R2 134.50
R1 132.60
Weekly Pivot 131.10
S1 129.21
S2 127.71
S3 125.81

You might also be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
New Home Sales Source: Census Bureau
U.S. International Transactions, 4th Quarter and Year 2022 Source: Bureau of Economic Analysis
Index Suggests Economic Growth Declined in February Source: Chicago Fed
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting Source: Federal Reserve
Federal Reserve issues FOMC statement Source: Federal Reserve
Quarterly Financial Report Source: Census Bureau
Quarterly Financial Report – Retail Source: Census Bureau
Summary of Opinions at the Monetary Policy Meeting on March 9 and 10, 2023 Source: Bank of Japan
Coordinated central bank action to enhance the provision of U.S. dollar liquidity Source: Federal Reserve

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