USDJPY on Thursday rose 0.73% to 138.56. What we know.

USDJPY Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.73%	100.5 Pips
Week to-date	2.07%	281.6 Pips
May	1.7%	232.1 Pips

Upcoming key events (London Time)

Fri 04:00 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

🇺🇸 Philadelphia Fed Manufacturing Survey in May below forecast and improved to -10.4 points compared to previous figure -31.3 points in April
🇯🇵 Merchandise Trade Balance Total in April below forecast and improved to -432.4¥ compared to previous figure -755.1, revised from -754.5¥ in March Ministry of Finance Japan
USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Census Bureau
🇯🇵 Industrial Production (12-mth) in March below forecast and improved to -0.6% compared to previous figure -0.7% in February METI
🇯🇵 GDP (12-mth) in Q1 preliminary estimate exceed forecast and rose to 1.56% compared to previous figure 0.1% in Q4

What can we expect from USDJPY today?

USDJPY on Thursday rose 0.73% to 138.56. Price is above 9-Day EMA while Stochastic is rising.

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 139.11 with break above could target R2 at 139.66. While towards the downside, we are looking at daily low of 137.28 as an important support. Break below this level could weaken the current bullish momentum. A break above 138.75 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 2.07% over the past few days.

Key levels to watch out:

You might be interested in:

The Time Series Data on Current Production Statistics. Ministry of Economy, Trade and Industry
Trade Statistics (April 2023 [Provisional]). Ministry of Finance
New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Monthly Report of Current Production Statistics (March 2023). Ministry of Economy, Trade and Industry
Revised Report on Indices of Industrial Production (March 2023). Ministry of Economy, Trade and Industry
Quarterly GDP bulletin. Cabinet Office
Advanced Monthly Sales for Retail and Food Services. Census Bureau
Monthly Report on the Current Survey of Commerce (March 2023). Ministry of Economy, Trade and Industry

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