USDJPY on Thursday dropped -0.77% to 153.06. Pair in consolidation. Why it matters.

USDJPY Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.77%	-119.1 Pips
Week to-date	-3.26%	-516.3 Pips
May	-2.96%	-466.1 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Average Hourly Earnings (1-mth)
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Factory Orders (1-mth) in March rose to 1.6% compared to previous figure 1.2, revised from 1.4% in February Source: Census Bureau
🇺🇸 U.S. Unit Labor Costs in Q1 preliminary estimate rose to 0.4% compared to previous figure 0.4% Source: Bureau of Labor Statistics
🇺🇸 U.S. Challenger Job Cuts in April dropped to 64.789K compared to previous figure 90.309K in March
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in March dropped to 8.488M compared to previous figure 8.813, revised from 8.756M in February Source: Bureau of Labor Statistics

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What can we expect from USDJPY today?

USDJPY on Thursday dropped -0.77% to 153.06. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDJPY looks mixed as the pair is likely to consolidate above 151.97 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 156.28 or trades above daily pivot 154.13. While to the downside, the daily low of 153.04 and 151.97 (S1) as immediate support levels. USDJPY need to break on either side to indicate a short-term bias. A close below 153.04 would indicate selling pressure.

For the week to-date, take note that USDJPY is bearish as the pair posted lower by -3.26%.

Key levels to watch out: