USDJPY on Friday rose 0.54% to 148.36. Week ending 2023-09-22 rose 0.36%. What’s going on.

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USDJPY Analysis

Week Ending 232023-09-22
Open High Low Close
147.75 148.46 147.32 148.36
Performance
Period Pct Chg Momentum
Friday 0.54% 79.9 Pips
Week 232023-09-22 0.36% 52.5 Pips September 1.96% 285.4 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP Annualized
Thu 09:00 PM Federal Reserve Chair Jerome Powell speech
Fri 12:30 AM Tokyo CPI (Inflation Rate) (12-mth)
Fri 01:30 PM Core Personal Consumption Expenditures – Price Index (1-mth)
Fri 01:30 PM Core Personal Consumption Expenditures – Price Index (12-mth)

What happened over the week

πŸ‡―πŸ‡΅ Japan Bank of Japan Short-Term Policy Interest Rate unchanged at -0.1% compared to previous rate -0.1% Source: Bank of Japan
πŸ‡―πŸ‡΅ Japan National CPI Inflation Rate excluding Food and Energy (12-mth) in August unchanged at 4.3% compared to previous report in July. Source: Statistics Bureau of Japan
πŸ‡―πŸ‡΅ Japan National CPI Inflation Rate (12-mth) in August exceed forecast and dropped to 3.2% compared to previous figure 3.3% in July Source: Statistics Bureau of Japan
πŸ‡―πŸ‡΅ Japan National CPI Inflation Rate excluding Fresh Food (12-mth) in August unchanged at 3.1% compared to previous report in July. Source: Statistics Bureau of Japan
πŸ‡ΊπŸ‡Έ U.S. Philadelphia Fed Manufacturing Survey in September exceed forecast and dropped to -13.5 points compared to previous figure 12 points in August
πŸ‡ΊπŸ‡Έ In the week ending 16 September, U.S. Initial Unemployment Insurance Claims dropped to 201K compared to previous figure 221K (revised from 220K) Source: Department of Labor
πŸ‡ΊπŸ‡Έ U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve




USDJPY Chart by TradingView

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

USDJPY on Friday rose 0.54% to 148.36. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending ,2023-09-22, the pair rose 0.36% or 52.5 pips higher.

Looking ahead, USDJPY looks mixed as the pair is likely to consolidate above week low of 147.32.

For the new week, our technical outlook looks bullish, immediate upside resistance level at 148.77 (WR1) with break above could target 149.19 (WR2). On the downside, we are looking at week low of 147.32 as an important support. Break below this level could weaken the current bullish momentum. A break above 148.46 would suggest bullish bias after recent positive movement.

For the month of September, USDJPY is up by 1.96% or 285.4 pips higher.

Weekly key levels to watch out:

R3 149.91
R2 149.19
R1 148.77
Weekly Pivot 148.05
S1 147.63
S2 146.91
S3 146.49

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U.S. International Transactions, 2nd Quarter 2023 Source: Bureau of Economic Analysis
Federal Reserve Board and Federal Open Market Committee release economic projections from the September 19-20 FOMC meeting Source: Federal Reserve
Federal Reserve issues FOMC statement Source: Federal Reserve
Trade Statistics (August 2023 [Provisional]) Source: Ministry of Finance
New Residential Construction Source: Census Bureau
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Business Formation Statistics Source: Census Bureau

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