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
🇯🇵 Japan Bank of Japan Short-Term Policy Interest Rate unchanged at -0.1% compared to previous rate -0.1% Source: Bank of Japan
🇯🇵 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
🇯🇵 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
🇯🇵 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
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in September exceed forecast and dropped to -13.5 points compared to previous figure 12 points in August
🇺🇸 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
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
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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