USDJPY on Tuesday dropped -0.43% to 141.30. Looking bearish. What we know.

USDJPY Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.43%	-61.3 Pips
Week to-date	-0.37%	-52.1 Pips
June	1.44%	200.5 Pips

Upcoming key events (London Time)

Wed 12:50 AM JPY Bank of Japan Monetary Policy Meeting Minutes
Wed 03:00 PM USD Federal Reserve Chair Jerome Powell testifies

What happened lately

🇺🇸 U.S. Building Permits (1-mth) in May exceed forecast and rose to 1.491M compared to previous figure 1.417, revised from 1.416M in April Census Bureau
🇯🇵 Japan Industrial Production (12-mth) in April exceed forecast and dropped to -0.7% compared to previous figure -0.3% in March METI

What can we expect from USDJPY today?

USDJPY on Tuesday dropped -0.43% to 141.30. Price is above 9-Day EMA while Stochastic is rising in overbought zone.

Updated daily direction for USDJPY looks bearish as the pair posted lower in Tuesday trading session.

Looking ahead for the day, immediate support level is at 140.91 (S1) with break below could see further selling pressure towards 140.52 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 142.25 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 141.19 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:

You might be interested in:

Minutes of the Monetary Policy Meeting on April 27 and 28, 2023. Bank of Japan
New Residential Construction. Census Bureau
Monthly Report of Current Production Statistics (April 2023). Ministry of Economy, Trade and Industry
Revised Report on Indices of Industrial Production (April 2023). Ministry of Economy, Trade and Industry

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