USDJPY Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.35% | -51.2 Pips |  |
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| Week to-date | -2.07% | -305.599 Pips | |
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| August | -3.23% | -484.4 Pips |  |
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Thu 03:00 PM USD Jackson Hole Symposium Fri 03:00 PM USD Federal Reserve Chair Jerome Powell speech (Jackson Hole Symposium)
What happened lately
Japan’s merchandise trade balance in July dropped to -621.8¥ from 224¥ in June. Source: Ministry of Finance Japan 🇯🇵 Japan’s 12-month export growth rose to 10.3% in July, compared to 5.4% in June. Source: Ministry of Finance Japan 🇯🇵 Japan’s 12-month import growth surged to 16.6% in July, up from 3.2% in June. Source: Ministry of Finance Japan
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What can we expect from USDJPY today?
USDJPY on Wednesday dropped -0.35% to 144.90. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for USDJPY looks bearish as the pair posted lower in Wednesday trading session.
Looking ahead for the day, immediate support level is at 143.94 (S1) with break below could see further selling pressure towards 142.97 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 146.90 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 144.45 would indicate selling pressure.
For the week to-date, take note that USDJPY is bearish as the pair posted lower by -2.07%.
Key levels to watch out:
| R3 | 148.83 |
| R2 | 147.86 |
| R1 | 146.38 |
| Daily Pivot | 145.41 |
| S1 | 143.94 |
| S2 | 142.97 |
| S3 | 141.49 |