USDJPY on Friday rose 0.06% to 153.72. Week ending 2024-07-26 moved lower by -2.35%. What you need to know.

USDJPY Analysis

Performance
Period	Pct	Chg	Momentum
Friday	0.06%	9.1 Pips
Week 242024-07-26	-2.35%	-370.4 Pips
July	-4.47%	-718.9 Pips

Upcoming key events for the new week (London Time)

Wed 04:00 AM Bank of Japan Short-Term Policy Interest Rate
Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 01:30 PM Nonfarm Payroll Employment
Fri 01:30 PM Average Hourly Earnings (1-mth)
Fri 01:30 PM Average Hourly Earnings (12-mth)

What happened over the week

🇺🇸 The U.S. Michigan Index of Consumer Sentiment rose to 66.4 points in July, up from 66 points in June. Source: University of Michigan
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in June dropped to 2.5% compared to the previous figure of 2.6% in May. Source: Bureau of Economic Analysis
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth) in June rose to 0.1% from 0% in May. Source: Bureau of Economic Analysis
🇯🇵 Japan’s Tokyo CPI (Inflation Rate) for July dropped to 2.2% from the previous 2.3% in June. Source: Statistics Bureau of Japan
Japan’s Tokyo CPI excluding fresh food rose to 2.2% in July from 2.1% in June. Source: Statistics Bureau of Japan
🇺🇸 U.S. GDP annual rate in the Q2 flash estimate rose to 2.8%, compared to the previous figure of 1.4% in Q1. Source: Bureau of Economic Analysis
🇺🇸 U.S. Durable Goods – New Orders in June dropped to -6.6% from 0.1% in May. Source: Census Bureau
🇺🇸 U.S. Durable Goods Orders excluding Transportation rose to 0.5% in June compared to -0.1% in May. Source: Census Bureau
🇺🇸 In the week ending 20 July, U.S. Initial Unemployment Insurance Claims dropped to 235K compared to previous figure 245K (revised from 243K) Source: Department of Labor
🇺🇸 U.S. New-Home Sales Change (1-mth) in June improved to -0.6% from a revised -14.9% in May.

From social media

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

USDJPY on Friday rose 0.06% to 153.72. Price is below 9-Day EMA while Stochastic is falling. For the week ending ,2024-07-26, the pair dropped -2.35% or -370.4 pips lower.

Looking ahead, USDJPY looks mixed as the pair is likely to consolidate above week low of 151.97.

For the new week, our technical outlook looks bearish, immediate support level is at 151.49 (WS1) with break below could see further selling pressure towards 149.26 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 156.90 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 151.97 would indicate selling pressure.

For the month of July, USDJPY is down by -4.47% or -718.9 pips lower.

Weekly key levels to watch out:

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