USDJPY on Thursday rose 0.19% to 156.96. Why it matters.

USDJPY on Thursday rose 0.19% to 156.96. Why it matters.

USDJPY Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday 0.19% 29.6 Pips
Week to-date 0.86% 134.4 Pips
May -0.47% -73.7 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. New-Home Sales Change (1-mth) in April dropped to -4.7% compared to previous figure 5.4, revised from 8.8% in March
🇺🇸 In the week ending 18 May, U.S. Initial Unemployment Insurance Claims dropped to 215K compared to previous figure 223K (revised from 222K) Source: Department of Labor

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What can we expect from USDJPY today?

USDJPY on Thursday rose 0.19% to 156.96. Price is above 9-Day EMA while Stochastic is rising in overbought zone.

Updated daily direction for USDJPY looks bullish as the pair ended higher after Thursday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 157.26 with break above could target R2 at 157.57. While towards the downside, we are looking at daily low of 156.52 as an important support. Break below this level could weaken the current bullish momentum. A break above 157.19 would suggest bullish bias after recent positive movement.

For the week to-date, take note that USDJPY is bullish as the pair continued to trade higher and is up by 0.86% over the past few days.

Key levels to watch out:

R3 157.94
R2 157.57
R1 157.26
Daily Pivot 156.89
S1 156.59
S2 156.22
S3 155.92

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