• Sat. Jun 15th, 2024

USDJPY on Friday rose 0.18% to 155.62. Week ending 2024-05-17 moved lower by -0.05%. What happened.

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Dear ,

As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.

USDJPY Analysis

Performance
Period Pct Chg Momentum
Friday 0.18% 27.8 Pips
Week 2024-05-17 -0.05% -8.4 Pips
May -1.32% -208.1 Pips

Upcoming key events for the new week (London Time)

  Wed 07:00 PM FOMC Meeting Minutes
  Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Industrial Production (1-mth) in April dropped to 0% compared to previous figure 0.4% in March
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in May dropped to 4.5 points compared to previous figure 15.5 points in April
🇯🇵 Japan GDP (3-mth) in Q1 flash estimate dropped to -0.5% compared to previous figure 0.1% in Q4 Source: Cabinet Office
🇯🇵 Japan GDP (12-mth) in Q1 flash estimate dropped to -2% compared to previous figure 0.4% in Q4
🇺🇸 U.S. CPI Inflation Rate (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Retail Trade (1-mth) in April dropped to 0% compared to previous figure 0.6, revised from 0.7% in March Source: Census Bureau
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. New York Empire State Manufacturing Index in May dropped to -15.6 points compared to previous figure -14.3 points in April
🇺🇸 U.S. Producer Price Index (12-mth) in April rose to 2.2% compared to previous figure 1.8, revised from 2.1% in March
🇺🇸 U.S. Producer Price Index (1-mth) in April rose to 0.5% compared to previous figure -0.1, revised from 0.2% in March


What can we expect from USDJPY for the new week and what happened on Friday?

USDJPY on Friday rose 0.18% to 155.62. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-05-17, the pair dropped -0.05% or -8.4 pips lower.

Looking ahead on Monday, USDJPY looks bullish as the pair ended higher after Friday trading session.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 156.78 or at least consolidates above Weekly Pivot level of 155.33. On the downside, we are looking at week low 153.59 or 153.88 (WS1) as immediate support level. USDJPY need to break on either side to indicate a short-term bias. A close below week low of 153.59 would indicate selling pressure.

For the month of May, USDJPY is down by -1.32% or -208.1 pips lower.

Weekly key levels to watch out:

R3 160.26
R2 158.52
R1 157.07
Weekly Pivot 155.33
S1 153.88
S2 152.14
S3 150.69
On Key

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