
USDJPY Analysis
Performance | |||||
Period | Pct | Chg | Momentum | ||
Friday | -0.57% | -79.3 Pips | ![]() |
||
Week 2023-05-19 | 1.57% | 213.3 Pips | ![]() |
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May | 1.2% | 163.8 Pips | ![]() |
Upcoming key events for the new week (London Time)
Wed 07:00 PM USD FOMC Meeting Minutes
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD GDP Annualized
Fri 01:30 PM USD Durable Goods Orders
Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
What happened over the week
🇺🇸 Philadelphia Fed Manufacturing Survey in May below forecast and improved to -10.4 points compared to previous figure -31.3 points in April
🇯🇵 Merchandise Trade Balance Total in April below forecast and improved to -432.4¥ compared to previous figure -755.1, revised from -754.5¥ in March Source: Ministry of Finance Japan
USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Source: Census Bureau
🇯🇵 Industrial Production (12-mth) in March below forecast and improved to -0.6% compared to previous figure -0.7% in February Source: METI
🇯🇵 GDP (12-mth) in Q1 preliminary estimate exceed forecast and rose to 1.56% compared to previous figure 0.1% in Q4
🇺🇸 Advance Monthly Retail Trade (1-mth) in April below forecast and rose to 0.4% compared to previous figure -0.6, revised from -1% in March Source: Census Bureau
What can we expect from USDJPY for the new week and what happened on Friday?
USDJPY on Friday dropped -0.57% to 137.88. Price is above 9-Day EMA while Stochastic is rising in overbought zone. For the week ending 2023-05-19, the pair rose 1.57% or 213.3 pips higher.
Looking ahead on Monday, USDJPY looks mixed as the pair is likely to consolidate above week low of 135.65.
As for the new week, our technical outlook looks bullish, immediate upside resistance level at 139.20 (WR1) with break above could target 140.52 (WR2). On the downside, we are looking at week low of 135.65 as an important support. Break below this level could weaken the current bullish momentum. A break above 138.75 would suggest bullish bias after recent positive movement.
For the month of May, USDJPY is up by 1.2% or 163.8 pips higher.
Weekly key levels to watch out:
R3 | 142.29 |
R2 | 140.52 |
R1 | 139.20 |
Weekly Pivot | 137.43 |
S1 | 136.11 |
S2 | 134.33 |
S3 | 133.01 |
You might also be interested in:
Report on Indices of Tertiary Industry Activity (March 2023) Source: Ministry of Economy, Trade and Industry
The Time Series Data on Current Production Statistics Source: Ministry of Economy, Trade and Industry
Trade Statistics (April 2023 [Provisional]) Source: Ministry of Finance
New Residential Construction Source: Census Bureau
Manufacturing and Trade Inventories and Sales Source: Census Bureau
Monthly Report of Current Production Statistics (March 2023) Source: Ministry of Economy, Trade and Industry
Revised Report on Indices of Industrial Production (March 2023) Source: Ministry of Economy, Trade and Industry
Quarterly GDP bulletin Source: Cabinet Office
Advanced Monthly Sales for Retail and Food Services Source: Census Bureau
Monthly Report on the Current Survey of Commerce (March 2023) Source: Ministry of Economy, Trade and Industry
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