USDJPY on Wednesday dropped -0.01% to 156.82. Pair in consolidation. What we know.

USDJPY Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.01%	-1.099 Pips
Week to-date	-0.22%	-35.199 Pips
June	-0.08%	-12.5 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD PPI excluding Food and Energy sectors (12-mth)
Fri 04:00 AM JPY Bank of Japan Short-Term Policy Interest Rate
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 U.S. Interest Rate Projections – 2nd year unchanged at 3.1% compared to previous rate 3.1%
🇺🇸 U.S. Interest Rate Projections rose to 5.1% compared to previous rate 4.6%
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and rose to 4.1% compared to previous rate 3.9%
🇺🇸 U.S. Interest Rate Projections – Longer rose to 2.8% compared to previous rate 2.6%
🇺🇸 U.S. Monthly Budget Statement in May dropped to -347$ compared to previous figure 209.5$ in April Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (1-mth) in May dropped to 0% compared to previous figure 0.3% in April Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in May dropped to 3.3% compared to previous figure 3.4% in April Source: Bureau of Labor Statistics

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What can we expect from USDJPY today?

USDJPY on Wednesday dropped -0.01% to 156.82. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for USDJPY looks mixed as the pair is likely to consolidate above 155.89 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 157.38 or trades above daily pivot 156.64. While to the downside, the daily low of 155.71 and 155.89 (S1) as immediate support levels. USDJPY need to break on either side to indicate a short-term bias. A close below 155.71 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: