USDJPY Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | 0.87% | 129.8 Pips |  |
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| Week to-date | 0.93% | 138.2 Pips | |
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| February | 2.55% | 374.9 Pips |  |
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Upcoming key events (London Time)
Wed 11:50 PM JPY GDP (3-mth)
Thu 01:30 PM USD Monthly Retail Trade (1-mth)
What happened lately
🇺🇸 U.S. CPI Inflation Rate (1-mth) in January rose to 0.3% compared to previous figure 0.2, revised from 0.3% in December Source: Bureau of Labor Statistics 🇺🇸 U.S. CPI Inflation Rate (12-mth) in January dropped to 3.1% compared to previous figure 3.4% in December Source: Bureau of Labor Statistics 🇺🇸 U.S. Monthly Budget Statement in January improved to -22$ compared to previous figure -129$ in December Source: Bureau of the Fiscal Service
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What can we expect from USDJPY today?
USDJPY on Tuesday rose 0.87% to 150.64. 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 Tuesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 151.27 with break above could target R2 at 151.91. While towards the downside, we are looking at daily low of 149.22 as an important support. Break below this level could weaken the current bullish momentum. A break above 150.88 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 0.93% over the past few days.
Key levels to watch out:
| R3 | 152.94 |
| R2 | 151.91 |
| R1 | 151.27 |
| Daily Pivot | 150.25 |
| S1 | 149.61 |
| S2 | 148.59 |
| S3 | 147.95 |
