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USDJPY on Tuesday dropped -0.46% to 139.72. Looking bearish. What we know.

USDJPY on Tuesday dropped -0.46% to 139.72. Looking bearish. What we know.

USDJPY Analysis

Performance after Tuesday
Period Pct Chg Momentum
Tuesday -0.46% -64.9 Pips
Week to-date -0.62% -87.7 Pips
May 2.55% 347.8 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

USD Housing Price Index (1-mth) in March dropped to 0.6% compared to previous figure 0.7% (revised from 0.5%).
🇯🇵 Jobs / Applicants Ratio in April unchanged at 1.32 points compared to previous report in March. The actual figure is also in line with the forecast JILPT
🇯🇵 Unemployment Rate in April below forecast and dropped to 2.6% compared to previous figure 2.8% in March Statistics Bureau of Japan


USDJPY 4-hour Chart by TradingView

What can we expect from USDJPY today?

USDJPY on Tuesday dropped -0.46% to 139.72. Price is above 9-Day EMA while Stochastic is falling 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 139.21 (S1) with break below could see further selling pressure towards 138.71 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 140.93 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 139.57 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 141.94
R2 141.44
R1 140.58
Daily Pivot 140.07
S1 139.21
S2 138.71
S3 137.85

You might be interested in:

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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