USDJPY on Friday dropped -0.72% to 149.64000. Week ending 2023-11-17 moved lower by -1.21%. What happened.

USDJPY Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-0.72%	-108.4 Pips
Week 2023-11-17	-1.21%	-183.3 Pips
November	-1.31%	-198.8 Pips

Upcoming key events for the new week (London Time)

Tue 07:00 PM FOMC Meeting Minutes
Wed 01:30 PM Initial Unemployment Insurance Claims
Wed 03:00 PM Labor Thanksgiving Day
Thu 05:00 AM Thanksgiving Day

What happened over the week

🇺🇸 U.S. Housing Starts (1-mth) in October rose to 1.372M compared to previous figure 1.346M (revised from 1.358M) Source: Census Bureau
🇺🇸 U.S. Industrial Production (1-mth) in October dropped to -0.6% compared to previous figure 0.1% (revised from 0.3%)
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in November below forecast and improved to -5.9 points compared to previous figure -9 points in October
🇺🇸 U.S. New York Empire State Manufacturing Index in November exceed forecast and rose to 9.1 points compared to previous figure -4.6 points in October
🇺🇸 U.S. Producer Price Index (12-mth) in October below forecast and dropped to 1.3% compared to previous figure 2.2% in September
🇯🇵 Japan GDP Deflator (12-mth) in Q3 preliminary estimate exceed forecast and rose to 5.1% compared to previous figure 3.5% in Q2
🇯🇵 Japan GDP (3-mth) in Q3 preliminary estimate exceed forecast and dropped to -0.5% compared to previous figure 1.2% in Q2 Source: Cabinet Office
🇯🇵 Japan GDP (12-mth) in Q3 preliminary estimate exceed forecast and dropped to -2.1% compared to previous figure 4.8% in Q2
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in October below forecast and dropped to 0.2% compared to previous figure 0.3% in September Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in October below forecast and dropped to 3.2% compared to previous figure 3.7% in September Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in October below forecast and dropped to 0% compared to previous figure 0.4% in September Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in October below forecast and dropped to 4% compared to previous figure 4.1% in September Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Budget Statement in October exceed forecast and improved to -67$ compared to previous figure -171$ in September Source: Bureau of the Fiscal Service

From X (Twitter)

Highlights of the Outlook for Economic Activity and Prices (October 2023) https://t.co/805VGFPenA

— Bank of Japan (@Bank_of_Japan_e) November 15, 2023

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

USDJPY on Friday dropped -0.72% to 149.64. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-11-17, the pair dropped -1.21% or -183.3 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 is mixed. To see upside interest, we prefer to look at price breakout of week high of 151.91 or at least consolidates above Weekly Pivot level of 150.25. On the downside, we are looking at week low 149.20 or 148.59 (WS1) as immediate support level. USDJPY need to break on either side to indicate a short-term bias. A close below week low of 149.20 would indicate selling pressure.

For the month of November, USDJPY is down by -1.31% or -198.8 pips lower.

Weekly key levels to watch out:

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