USDJPY on Friday rose 1.75% to 158.30. Week ending 2024-04-26 rose 2.42%. What’s going on.

USDJPY Analysis

Performance
Period	Pct	Chg	Momentum
Friday	1.75%	271.7 Pips
Week 242024-04-26	2.42%	373.4 Pips	April	4.62%	699.3 Pips

Upcoming key events for the new week (London Time)

Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 04:00 PM Constitution Day
Fri 01:30 PM Average Hourly Earnings (1-mth)
Fri 01:30 PM Average Hourly Earnings (12-mth)
Fri 01:30 PM Nonfarm Payroll Employment
Fri 04:00 PM Greenery Day

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in April dropped to 77.2 points compared to previous figure 77.9 points in March Source: University of Michigan
🇺🇸 U.S. Personal Spending in March unchanged at 0.8% compared to previous report in February. Source: Bureau of Economic Analysis
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in March rose to 2.7% compared to previous figure 2.5% in February
🇯🇵 Japan Bank of Japan Short-Term Policy Interest Rate below forecast and unchanged at 0% compared to previous rate 0% Source: Bank of Japan
🇯🇵 Japan Tokyo CPI excluding fresh food (12-mth) in April dropped to 1.6% compared to previous figure 2.4% in March Source: Statistics Bureau of Japan
🇯🇵 Japan Tokyo CPI excluding fresh food and energy (12-mth) in April dropped to 1.8% compared to previous figure 2.9% in March Source: Statistics Bureau of Japan
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q1 flash estimate rose to 3.7% compared to previous figure 2% in Q4 Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP Annualized in Q1 flash estimate dropped to 1.6% compared to previous figure 3.4% in Q4 Source: Bureau of Economic Analysis
🇺🇸 In the week ending 20 April, U.S. Initial Unemployment Insurance Claims dropped to 207K compared to previous figure 212K Source: Department of Labor
🇺🇸 U.S. Durable Goods Orders in March rose to 1.4% compared to previous figure 0.7% (revised from 1.4%) Source: Census Bureau
🇺🇸 U.S. Nondefense Capital Goods Orders excluding Aircraft in March dropped to 0.2% compared to previous figure 0.4% (revised from 0.7%) Source: Census Bureau

From X (Twitter)

🇯🇵 Japan National CPI Inflation Rate (12-mth) in March dropped to 2.7% compared to previous figure 2.8% in February.https://t.co/eGZrXCIT15

— ChatPips Streamer (@forexforum) April 21, 2024

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

USDJPY on Friday rose 1.75% to 158.30. Price is above 9-Day EMA while Stochastic is rising in overbought zone. For the week ending ,2024-04-26, the pair rose 2.42% or 373.4 pips higher.

Looking ahead, USDJPY looks bullish as the pair ended higher after Friday trading session.

For the new week, our technical outlook looks bullish, immediate upside resistance level at 159.67 (WR1) with break above could target 161.05 (WR2). On the downside, we are looking at week low of 154.46 as an important support. Break below this level could weaken the current bullish momentum. A break above 158.44 would suggest bullish bias after recent positive movement.

For the month of April, USDJPY is up by 4.62% or 699.3 pips higher.

Weekly key levels to watch out:

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Statement on Monetary Policy Source: Bank of Japan
Gross Domestic Product, First Quarter 2024 (Advance Estimate) Source: Bureau of Economic Analysis
Trade Statistics (First 10 Days of April 2024 [Provisional]) Source: Ministry of Finance
Speech by Board Member NOGUCHI in Saga on Apr. 18, 2024 (Economic Activity, Prices, and Monetary Policy in Japan) Source: Bank of Japan
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