USDJPY on Thursday dropped -2.03% to 135.25. Looking bearish. What we know.

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Thursday
Open High Low Close
138.11 138.11 135.18 135.25
Performance after Thursday
Period Pct Chg Momentum
Thursday -2.03% -280 Pips
Week to-date -2.87% -399 Pips
November -7.20% -1070.7 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payrolls

What happened lately

📆 ☢️ 🇺🇸 USD ISM Manufacturing PMI in November below forecast and dropped to 49 points compared to previous figure 50.2 points in October. Source
📆 🇺🇸 USD S&P Global Manufacturing PMI in November exceed forecast and rose to 47.7 points compared to previous figure 47.6 points in October. Source
📆 🇺🇸 USD Core Personal Consumption Expenditures – Price Index (YoY) in October dropped to 5% compared to previous figure 5.2, revised from 5.1% in September. Source
📆 USD In the week ending 26 November, the Initial Jobless Claims dropped to 225K compared to previous figure 241K (revised from 240K).. Source
📆 🇺🇸 USD Pending Home Sales (MoM) in October below forecast and improved to -4.6% compared to previous figure -8.7, revised from -10.2% in September. Source
📆 🇺🇸 USD Chicago Purchasing Managers’ Index in November below forecast and dropped to 37.2 points compared to previous figure 45.2 points in October. Source
📆 ☢️ 🇺🇸 USD Gross Domestic Product Annualized in Q3 preliminary estimate exceed forecast and rose to 2.9% compared to previous figure 2.6% in Q2. Source
📆 🇺🇸 USD Core Personal Consumption Expenditures (QoQ) in Q3 preliminary estimate exceed forecast and rose to 4.6% compared to previous figure 4.5% in Q2. Source
📆 ☢️ 🇺🇸 USD ADP Employment Change in November below forecast and dropped to 127K compared to previous figure 239K in October. Source
📆 🇯🇵 JPY Industrial Production (YoY) in October preliminary estimate exceed forecast and dropped to 3.7% compared to previous figure 9.6% in September. Source
📆 🇺🇸 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 Thursday dropped -2.03% to 135.25. Price is below 9-Day EMA while Stochastic is falling but in oversold zone.

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 134.25 (S1) with break below could see further selling pressure towards 133.24 (S2). On the upside, immediate resistance is at 137.18 (R1). As the current momentum is bearish, we prefer to look at firm break of the recent daily high of 138.11 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment.USDJPY need to break on either side to indicate a short-term bias. A close below 135.18 would indicate selling pressure.

For the week to-date, take note that USDJPY is bearish as the pair posted lower by -2.87%.

Key levels to watch out:

R3 140.12
R2 139.12
R1 137.18
Daily Pivot 136.18
S1 134.25
S2 133.24
S3 131.31

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Gross Domestic Product, (Second Estimate) and Corporate Profits (Preliminary), 3rd Quarter 2022 Source: Bureau of Economic Analysis
Preliminary Report on Petroleum Statistics (October 2022) Source: Ministry of Economy, Trade and Industry
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Minutes of the Board’s discount rate meetings on October 3 through November 2, 2022 Source: Federal Reserve
Advance Retail Inventories 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: 01:59 am UTC, 02-Dec 2022

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