USDJPY Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.5% | 67.3 Pips |  |
||
| Week to-date | 0.75% | 100.4 Pips | |
||
| April | 1.47% | 195.2 Pips |  |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
🇯🇵 Industrial Production (12-mth) in February below forecast and improved to -0.5% compared to previous figure -0.6% in January METI
🇺🇸 Building Permits (1-mth) in March below forecast and dropped to 1.413M compared to previous figure 1.55, revised from 1.524M in February Census Bureau
What can we expect from USDJPY today?
USDJPY on Wednesday rose 0.5% to 134.75. 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 135.27 with break above could target R2 at 135.8. While towards the downside, we are looking at daily low of 133.95 as an important support. Break below this level could weaken the current bullish momentum. A break above 135.14 would suggest bullish bias after recent positive movement.
For the week to-date, take note that USDJPY is bullish as the pair continued to trade higher and is up by 0.75% over the past few days.
Key levels to watch out:
| R3 | 136.46 |
| R2 | 135.8 |
| R1 | 135.27 |
| Daily Pivot | 134.61 |
| S1 | 134.09 |
| S2 | 133.42 |
| S3 | 132.9 |
You might be interested in:
Monthly Report of Current Production Statistics (February 2023). Ministry of Economy, Trade and Industry Revised Report on Indices of Industrial Production (February 2023). Ministry of Economy, Trade and Industry
Minutes of the Board’s discount rate meetings from February 21 through March 22, 2023. Federal Reserve New Residential Construction. Census Bureau Business Formation Statistics. Census Bureau Monthly Report on the Current Survey of Commerce (February 2023). Ministry of Economy, Trade and Industry
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