USDJPY on Thursday dropped -0.34% to 149.05. Looking bearish. What we know.

USDJPY Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.34%	-50.9 Pips
Week to-date	-3.28%	-505.201 Pips
August	-0.47%	-71.1 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 01:30 PM USD Average Hourly Earnings (1-mth)
Fri 01:30 PM USD Average Hourly Earnings (12-mth)

What happened lately

🇺🇸 The Q2 flash estimate for U.S. unit labor costs dropped to 0.9%, down from 4% in Q1. Source: Bureau of Labor Statistics
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q2 flash estimate rose to 2.3%, compared to the previous figure of 0.2% in Q1. Source: Bureau of Labor Statistics
🇺🇸 In the week ending 27 July, U.S. Initial Unemployment Insurance Claims rose to 249K compared to previous figure 235K Source: Department of Labor
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Pending Home Sales (1-mth) in June rose to 4.8%, compared to the revised May figure of -1.9%, up from the initial -2.1%.
U.S. Pending Home Sales (1-mth) in June increased to 4.8%, up from the revised May figure of -1.9%, which was initially reported as -2.1%.
🇺🇸 In July, the U.S. Chicago Purchasing Managers’ Index fell to 45.3 points from 47.4 points in June.
🇺🇸 The U.S. Employment Cost Index (ECI) in Q2 decreased to 0.9% from the previous figure of 1.2% in Q1. Source: Bureau of Labor Statistics
🇯🇵 Japan Bank of Japan Short-Term Policy Interest Rate rose to 0.15% compared to previous rate 0% Source: Bank of Japan
🇯🇵 Japan’s large retailer sales in June rose to 7%, compared to the previous figure of 4% in May. Source: METI
🇯🇵 Japan Retail Trade (12-mth) in June rose to 3.7% compared to the revised figure of 3% in May, which was initially reported as 2.8%. Source: METI
Japan’s seasonally adjusted retail trade for June decreased to 0.6% from 1.7% in May. Source: METI

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What can we expect from USDJPY today?

USDJPY on Thursday dropped -0.34% to 149.05. Price is below 9-Day EMA while Stochastic is falling.

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 148.07 (S1) with break below could see further selling pressure towards 147.1 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 150.89 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 148.51 would indicate selling pressure.

For the week to-date, take note that USDJPY is bearish as the pair posted lower by -3.28%.

Key levels to watch out: