USDJPY on Wednesday dropped -0.09% to 137.22. Pair in consolidation. What we know.

USDJPY by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.09%	-12.699 Pips
Week to-date	1.02%	138.8 Pips
March	0.38%	51.4 Pips

Upcoming key events (London Time)

Fri 03:00 AM JPY Bank of Japan Short-Term Policy Interest Rate
Fri 03:00 AM JPY Bank of Japan Monetary Policy Statement
Fri 06:00 AM JPY Bank of Japan Press Conference
Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

📆 🇺🇸 USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source
📆 🇯🇵 JPY Current Account in January below forecast and dropped to -1976.6¥ compared to previous figure 33.4¥ in December. Source
📆 🇺🇸 USD Factory Orders (1-mth) in January below forecast and dropped to -1.6% compared to previous figure 1.7, revised from 1.8% in December. Source

What can we expect from USDJPY today?

USDJPY on Wednesday dropped -0.09% to 137.22. Price is above 9-Day EMA while Stochastic is rising but in overbought zone.

Updated daily direction for USDJPY looks mixed as the pair is likely to consolidate above 136.49 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 137.91 or trades above daily pivot 137.20 while to the downside, the daily low of 136.47 and 136.49 (S1) as key support levels. USDJPY need to break on either side to indicate a short-term bias. A close below 136.47 would indicate selling pressure.

For the week to-date, take note that USDJPY is bullish as the pair is up by 1.02% and continued to trade higher in the past few days.

Key levels to watch out: