USDJPY on Wednesday dropped -0.61% to 133.40. Pair in consolidation. Why it matters.

USDJPY by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.61%	-82 Pips
Week to-date	-1.53%	-207 Pips
March	-2.53%	-345.5 Pips

Upcoming key events (London Time)

No further events

What happened lately

📆 🇯🇵 JPY Merchandise Trade Balance Total in February exceed forecast and improved to -897.7¥ compared to previous figure -3498.6, revised from -3496.6¥ in January. Source
📆 ☢️ 🇺🇸 USD Retail Control Group in February exceed forecast and dropped to 0.5% compared to previous figure 2.3, revised from 1.7% in January. Source
📆 ☢️ 🇺🇸 USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.4% in January. Source

What can we expect from USDJPY today?

USDJPY on Wednesday dropped -0.61% to 133.40. Price is below 9-Day EMA while Stochastic is falling in neutral zone.

Updated daily direction for USDJPY looks mixed as the pair is likely to consolidate above 132.03333 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 135.13 or trades above daily pivot 133.58167. While to the downside, the daily low of 132.22 and 132.03333 (S1) as immediate support levels. USDJPY need to break on either side to indicate a short-term bias. A close below 132.22 would indicate selling pressure.

For the week to-date, take note that USDJPY is bearish as the pair posted lower by -1.53%.

Key levels to watch out:

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