USDJPY on Wednesday dropped -0.53% to 149.24. Looking bearish. What we know.

USDJPY Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.53%	-80.1 Pips
Week to-date	-0.55%	-82.9 Pips
March	-0.49%	-73.6 Pips

Upcoming key events (London Time)

Thu 03:00 PM USD Federal Reserve Chair Jerome Powell testifies
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in January dropped to 8.863M compared to previous figure 9.026M in December Source: Bureau of Labor Statistics
🇺🇸 U.S. Factory Orders (1-mth) in January dropped to -3.6% compared to previous figure -0.3, revised from 0.2% in December Source: Census Bureau
🇯🇵 Japan Tokyo CPI (Inflation Rate) (12-mth) in February rose to 2.6% compared to previous figure 1.6% in January Source: Statistics Bureau of Japan
🇯🇵 Japan Tokyo CPI excluding fresh food and energy (12-mth) in February dropped to 3.1% compared to previous figure 3.3% (revised from 3.1%) Source: Statistics Bureau of Japan
🇯🇵 Japan Tokyo CPI excluding fresh food (12-mth) in February dropped to 1.6% compared to previous figure 1.8% (revised from 1.6%) Source: Statistics Bureau of Japan

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What can we expect from USDJPY today?

USDJPY on Wednesday dropped -0.53% to 149.24. Price is below 9-Day EMA while Stochastic is falling.

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

Looking ahead for the day, immediate support level is at 148.85 (S1) with break below could see further selling pressure towards 148.47 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 150.08 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 149.09 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: