Forex

USDJPY on Friday rose 0.62% to 144.99000. Week ending 2023-12-08 moved lower by -1.21%. What you need to know.

USDJPY on Friday rose 0.62% to 144.99000. Week ending 2023-12-08 moved lower by -1.21%. What you need to know.
USDJPY on Friday rose 0.62% to 144.99000. Week ending 2023-12-08 moved lower by -1.21%.  What you need to know.

USDJPY Analysis

Week Ending 232023-12-08
Open High Low Close
146.68 147.50 141.62 144.99
Performance
Period Pct Chg Momentum
Friday 0.62% 89.5 Pips
Week 232023-12-08 -1.21% -177.9 Pips
December -2.15% -318.3 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM CPI Inflation Rate (12-mth)
Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Monthly Retail Trade (1-mth)

What happened over the week

?? U.S. Nonfarm Payroll Employment in November exceed forecast and rose to 199K compared to previous figure 150K in October Source: Bureau of Labor Statistics
?? Japan GDP (3-mth) in Q3 exceed forecast and dropped to -0.7% compared to previous figure -0.5% in Q2 Source: Cabinet Office
?? Japan Labor Cash Earnings (12-mth) in October exceed forecast and rose to 1.5% compared to previous figure 1.2% in September
?? In the week ending 02 December, U.S. Initial Unemployment Insurance Claims rose to 220K compared to previous figure 219K (revised from 218K) Source: Department of Labor
?? U.S. Challenger Job Cuts in November rose to 45.51K compared to previous figure 36.836K in October
?? U.S. Nonfarm Business Labor Productivity in Q3 exceed forecast and rose to 5.2% compared to previous figure 4.7% in Q2 Source: Bureau of Labor Statistics
?? U.S. Job Openings and Labor Turnover Survey (JOLTS) in October below forecast and dropped to 8.733M compared to previous figure 9.35, revised from 9.553M in September Source: Bureau of Labor Statistics
?? Japan Tokyo CPI excluding fresh food and energy (12-mth) in November below forecast and dropped to 3.6% compared to previous figure 3.8% in October Source: Statistics Bureau of Japan
?? Japan Tokyo CPI excluding fresh food (12-mth) in November below forecast and dropped to 2.3% compared to previous figure 2.7% in October Source: Statistics Bureau of Japan
?? Japan Tokyo CPI (Inflation Rate) (12-mth) in November below forecast and dropped to 2.6% compared to previous figure 3.3% in October Source: Statistics Bureau of Japan
?? U.S. Factory Orders (1-mth) in October exceed forecast and dropped to -3.6% compared to previous figure 2.3, revised from 2.8% in September Source: Census Bureau

From X (Twitter)


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

USDJPY on Friday rose 0.62% to 144.99. Price is below 9-Day EMA while Stochastic is rising. For the week ending ,2023-12-08, the pair dropped -1.21% or -177.9 pips lower.

Looking ahead, USDJPY looks mixed as the pair is likely to consolidate above week low of 141.62.

For the new week, our technical outlook looks bearish, immediate support level is at 141.91 (WS1) with break below could see further selling pressure towards 138.82 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 147.50 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 141.62 would indicate selling pressure.

For the month of December, USDJPY is down by -2.15% or -318.3 pips lower.

Weekly key levels to watch out:

R3 153.67
R2 150.59
R1 147.79
Weekly Pivot 144.70
S1 141.91
S2 138.82
S3 136.02

You might also be interested in:

Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau
Quarterly GDP bulletin Source: Cabinet Office
Balance of Payments, October 2023 (Preliminary) Source: Ministry of Finance
Speech by Board Member NAKAMURA in Hyogo on Nov. 30, 2023 (Economic Activity, Prices, and Monetary Policy in Japan) Source: Bank of Japan
Gross Domestic Product by County and Metropolitan Area, 2022 Source: Bureau of Economic Analysis
Quarterly Financial Report Source: Census Bureau
Quarterly Financial Report – Retail Source: Census Bureau
Trade Statistics (First 20 Days of November 2023 [Provisional]) Source: Ministry of Finance
U.S. International Trade in Goods and Services, October 2023 Source: Bureau of Economic Analysis
Speech by Board Member ADACHI in Ehime on Nov. 29, 2023 (Economic Activity, Prices, and Monetary Policy in Japan) Source: Bank of Japan
U.S. International Trade in Goods and Services Source: Census Bureau
Speech by Deputy Governor HIMINO in Oita (Japan’s Economy and Monetary Policy) Source: Bank of Japan
Gross Domestic Product by State, 2nd Quarter 2023 and Comprehensive Update Source: Bureau of Economic Analysis
Gross Domestic Product by Industry, 2nd Quarter 2023 and Comprehensive Update Source: Bureau of Economic Analysis
Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau

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