USDJPY on Wednesday rose 0.04% to 161.62. What we know.

USDJPY Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.04%	6.901 Pips
Week to-date	0.45%	71.7 Pips
July	0.45%	71.7 Pips

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What happened lately

🇺🇸 U.S. Factory Orders (1-mth) in May dropped to -0.5% compared to previous figure 0.4, revised from 0.7% in April Source: Census Bureau
🇺🇸 In the week ending 29 June, U.S. Initial Unemployment Insurance Claims rose to 238K compared to previous figure 233K Source: Department of Labor
🇺🇸 U.S. Challenger Job Cuts in June dropped to 48.786K compared to previous figure 63.816K in May

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What can we expect from USDJPY today?

USDJPY on Wednesday rose 0.04% to 161.62. Price is above 9-Day EMA while Stochastic is rising in overbought zone.

Updated daily direction for USDJPY looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 162.13 with break above could target R2 at 162.63. While towards the downside, we are looking at daily low of 160.77 as an important support. Break below this level could weaken the current bullish momentum. A break above 161.95 would suggest bullish bias after recent positive movement.

For the week to-date, take note that USDJPY is mixed as compared to prior week.

Key levels to watch out: