USDJPY on Wednesday dropped -0.54% to 147.52. Pair in consolidation. What we know.

USDJPY Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.54%	-80.4 Pips
Week to-date	-0.41%	-60.5 Pips
January	4.63%	652.5 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD GDP Annualized
Thu 11:30 PM JPY Tokyo CPI (Inflation Rate) (12-mth)
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

🇯🇵 Japan Merchandise Trade Balance Total in December rose to 62.1¥ compared to previous figure -780.4¥ (revised from -776.9¥) Source: Ministry of Finance Japan
🇯🇵 Japan Imports (12-mth) in December exceed forecast and improved to -6.8% compared to previous figure -11.9% in November Source: Ministry of Finance Japan
🇯🇵 Japan Exports (12-mth) in December exceed forecast and rose to 9.8% compared to previous figure -0.2% in November Source: Ministry of Finance Japan
🇯🇵 Japan Bank of Japan Short-Term Policy Interest Rate unchanged at -0.1% compared to previous rate -0.1% Source: Bank of Japan

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What can we expect from USDJPY today?

USDJPY on Wednesday dropped -0.54% to 147.52. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for USDJPY looks mixed as the pair is likely to consolidate above 146.69 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 148.28 or trades above daily pivot 147.48. While to the downside, the daily low of 146.64 and 146.69 (S1) as immediate support levels. USDJPY need to break on either side to indicate a short-term bias. A close below 146.64 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: