USDJPY Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -1.33% | -215.5 Pips |  |
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| Week to-date | -0.75% | -120.3 Pips | |
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| July | -0.91% | -147.2 Pips |  |
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Upcoming key events (London Time)
Fri 01:30 PM USD PPI excluding Food and Energy sectors (12-mth) Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 In the week ending 06 July, U.S. Initial Unemployment Insurance Claims dropped to 222K compared to previous figure 239K (revised from 238K) Source: Department of Labor 🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in June dropped to 0.1% compared to previous figure 0.2% in May Source: Bureau of Labor Statistics
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What can we expect from USDJPY today?
USDJPY on Thursday dropped -1.33% to 159.42. Price is below 9-Day EMA while Stochastic is rising.
Updated daily direction for USDJPY looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at 157.3 (S1) with break below could see further selling pressure towards 155.18 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 161.76 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 157.41 would indicate selling pressure.
For the week to-date, take note that USDJPY is bearish as the pair posted lower by -0.75%.
Key levels to watch out:
| R3 | 166 |
| R2 | 163.88 |
| R1 | 161.65 |
| Daily Pivot | 159.53 |
| S1 | 157.3 |
| S2 | 155.18 |
| S3 | 152.95 |