USDJPY on Wednesday dropped -1.37% to 155.61. Looking bearish. What we know.

USDJPY Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-1.37%	-216.6 Pips
Week to-date	-1.7%	-268.8 Pips
May	-1.33%	-209.2 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Average Hourly Earnings (1-mth)
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in March dropped to 8.488M compared to previous figure 8.813, revised from 8.756M in February Source: Bureau of Labor Statistics
🇺🇸 U.S. Housing Price Index (1-mth) in February rose to 1.2% compared to previous figure -0.1% in January
🇯🇵 Japan Retail Trade seasonal adjustment (1-mth) in March dropped to -1.2% compared to previous figure 1.5% in February Source: METI
🇯🇵 Japan Large Retailer Sales in March dropped to 7% compared to previous figure 8% in February Source: METI
🇯🇵 Japan Retail Trade (12-mth) in March dropped to 1.2% compared to previous figure 4.7, revised from 4.6% in February Source: METI
🇯🇵 Japan Unemployment Rate in March unchanged at 2.6% compared to previous report in February. Source: Statistics Bureau of Japan

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What can we expect from USDJPY today?

USDJPY on Wednesday dropped -1.37% to 155.61. 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 153.07 (S1) with break below could see further selling pressure towards 150.53 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 157.99 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 152.99 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: