USDJPY on Tuesday dropped -0.12% to 138.75. Pair in consolidation. What we know.

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Open High Low Close
138.77 139.35 137.83 138.75
Performance after Tuesday
Period Pct Chg Momentum
Tuesday -0.12% -16.5 Pips
Week to-date -0.26% -35.5 Pips
November -6.70% -995.9 Pips

Upcoming key events (London Time)

Wed 01:15 PM USD ADP Employment Change
Wed 01:30 PM USD Gross Domestic Product Annualized
Wed 06:30 PM USD Fed’s Chair Powell speech
Thu 01:30 PM JPY BoJ’s Governor Kuroda speech
Thu 03:00 PM USD ISM Manufacturing PMI

What happened lately

📆 🇺🇸 USD Housing Price Index (MoM) in September exceed forecast and rose to 0.1% compared to previous figure -0.7% in August. Source
📆 🇺🇸 USD S&P/Case-Shiller Home Price Indices (YoY) in September below forecast and dropped to 10.4% compared to previous figure 13.1% in August. Source
📆 🇯🇵 JPY Large Retailer Sales in October unchanged at 4.1% compared to previous report in September. . Source
📆 🇯🇵 JPY Retail Trade s.a (MoM) in October exceed forecast and dropped to 0.2% compared to previous figure 1.1% in September. Source
📆 🇯🇵 JPY Retail Trade (YoY) in October below forecast and dropped to 4.3% compared to previous figure 4.8, revised from 4.5% in September. Source
📆 🇯🇵 JPY Unemployment Rate in October unchanged at 2.6% compared to previous report in September. . Source
📆 🇯🇵 JPY Jobs / Applicants Ratio in October rose to 1.35 points compared to previous figure 1.34 points in September. Source

What can we expect from USDJPY today?

USDJPY on Tuesday dropped -0.12% to 138.75. Price is below 9-Day EMA while Stochastic is rising but in oversold zone.

Updated daily direction for USDJPY looks mixed as the pair is likely to consolidate above 137.94 (S1).

Looking ahead today, we are looking at 139.43 or 139.46 (R1) as important resistance level while to the downside, the daily low of 137.83 and 137.94 (S1) as key support levels. USDJPY need to break on either side to indicate a short-term bias. A close below 137.83 would indicate selling pressure.

For the week to-date, take note that USDJPY is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

R3 140.98
R2 140.17
R1 139.46
Daily Pivot 138.65
S1 137.94
S2 137.13
S3 136.42

You might also be interested in:

Minutes of the Board’s discount rate meetings on October 3 through November 2, 2022 Source: Federal Reserve
Advance Retail Inventories Source: Census Bureau
Advanced Monthly Sales for Retail and Food Services Source: Census Bureau
Trade Statistics (First 10 Days of November 2022 [Provisional]) Source: Ministry of Finance
Preliminary Report on the Current Survey of Commerce (October 2022) Source: Ministry of Economy, Trade and Industry

Last updated: 11:39 pm UTC, 29-Nov 2022

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