USDJPY Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.9% | 119.4 Pips |  |
||
| Week 2023-04-14 | 1.22% | 160.8 Pips |  |
||
| April | 0.71% | 94.8 Pips | |
||
Upcoming key events for the new week (London Time)
Thu 01:30 PM USD Initial Unemployment Insurance Claims
What happened over the week
📆 🇺🇸 USD UoM 5-year Consumer Inflation Expectation | Apr flash in April preliminary estimate unchanged at 2.9% compared to previous report in March. The actual figure is also in line with the forecast Source: University of Michigan 📆 ☢️ 🇺🇸 USD Michigan Index of Consumer Sentiment | Apr flash in April preliminary estimate exceed forecast and rose to 63.5 points compared to previous figure 62 points in March Source: University of Michigan 📆 ☢️ 🇺🇸 USD Retail Trade Turnover (1-mth) | Mar in March exceed forecast and dropped to -1% compared to previous figure -0.2, revised from -0.4% in February Source: Census Bureau 🇺🇸 📆 USD In the week ending 08 April, the Initial Unemployment Insurance Claims rose to 239K compared to previous figure 228K Source: Department of Labor
📆 🇨🇳 CNY Trade Balance in USD | Mar in March exceed forecast and dropped to 88.19$ compared to previous figure 116.8$ in February 📆 🇺🇸 USD Monthly Budget Statement | Mar in March exceed forecast and dropped to -378$ compared to previous figure -262$ in February. 📆 🇺🇸 USD CPI Inflation Rate (12-mth) | Mar in March below forecast and dropped to 5% compared to previous figure 6% in February Source: Bureau of Labor Statistics
What can we expect from USDJPY for the new week and what happened on Friday?
USDJPY on Friday rose 0.9% to 133.75. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2023-04-14, the pair rose 1.22% or 160.8 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 134.05 or at least consolidates above Weekly Pivot level of 133.20. On the downside, we are looking at week low 131.82 or 132.36 (WS1) as immediate support level. USDJPY need to break on either side to indicate a short-term bias. A break above 134.05 would suggest bullish bias after recent positive movement.
For the month of April, USDJPY is up by 0.71% or 94.8 pips higher.
Weekly key levels to watch out:
| R3 | 136.81 |
| R2 | 135.43 |
| R1 | 134.59 |
| Weekly Pivot | 133.20 |
| S1 | 132.36 |
| S2 | 130.98 |
| S3 | 130.13 |
You might also be interested in:
Advanced Monthly Sales for Retail and Food Services Source: Census Bureau Minutes of the Federal Open Market Committee, March 21-22, 2023 Source: Federal Reserve CPI for all items rises 0.1% in March as shelter increases Source: Bureau of Labor Statistics Publications
Machinery Orders Source: Cabinet Office Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau Consumer Confidence Survey Source: Cabinet Office Balance of Payments, February 2023 (Preliminary) Source: Ministry of Finance
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