USDJPY Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.35% | -48.4 Pips |  |
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| Week to-date | -1.21% | -170 Pips |  |
||
| June | -0.29% | -40.4 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
🇺🇸 In the week ending 27 May, the Initial Unemployment Insurance Claims rose to 232K compared to previous figure 229K Department of Labor 🇺🇸 Nonfarm Business Labor Productivity in Q1 below forecast and improved to -2.1% compared to previous figure -2.7% in Q4 Bureau of Labor Statistics 🇺🇸 U.S. ADP Non-Farm Employment Change in May dropped to 278K compared to previous figure 291K (revised from 296K)
What can we expect from USDJPY today?
USDJPY on Thursday dropped -0.35% to 138.81. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for USDJPY looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at 138.18 (S1) with break below could see further selling pressure towards 137.55 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 139.95 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 138.43 would indicate selling pressure.
For the week to-date, take note that USDJPY is mixed as compared to prior week.
Key levels to watch out:
| R3 | 141.22 |
| R2 | 140.58 |
| R1 | 139.7 |
| Daily Pivot | 139.06 |
| S1 | 138.18 |
| S2 | 137.55 |
| S3 | 136.66 |
You might be interested in:
Consumer Confidence Survey. Cabinet Office Preliminary Report on Petroleum Statistics (April 2023). Ministry of Economy, Trade and Industry Preliminary Report on Current Survey of Production (April 2023). Ministry of Economy, Trade and Industry Preliminary Report on Indices of Industrial Production (April 2023). Ministry of Economy, Trade and Industry Preliminary Report on the Current Survey of Commerce (April 2023). Ministry of Economy, Trade and Industry
Minutes of the Board’s discount rate meetings from April 10 through May 3, 2023. Federal Reserve (BOJ Review) Developments in and Characteristics of Japan’s FX Market: An Analysis Based on the 2022 BIS Triennial Central Bank Survey. Bank of Japan Trade Statistics (First 10 Days of May 2023 [Provisional]). Ministry of Finance
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