USDJPY Analysis
| Week Ending 242024-07-12 | |||
| Open | High | Low | Close |
| 160.86 | 161.75 | 157.36 | 157.85 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.57% | -91 Pips |  |
||
| Week 242024-07-12 | -1.74% | -279 Pips |  |
||
| July | -1.9% | -305.9 Pips | |
||
Upcoming key events for the new week (London Time)
Tue 01:30 PM Monthly Retail Trade (1-mth) 
Thu 01:30 PM Initial Unemployment Insurance Claims
What happened over the week
🇺🇸 U.S. Michigan Index of Consumer Sentiment in July flash estimate dropped to 66 points compared to previous figure 68.2 points in June Source: University of Michigan
🇺🇸 U.S. Producer Price Index (1-mth) in June rose to 0.2% compared to previous figure -0.2% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Producer Price Index (12-mth) in June rose to 2.6% compared to previous figure 2.4% (revised from 2.2%) Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Budget Statement in June improved to -66$ compared to previous figure -347$ in May Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (1-mth) in June dropped to -0.1% compared to previous figure 0% in May Source: Bureau of Labor Statistics
🇺🇸 In the week ending 06 July, U.S. Initial Unemployment Insurance Claims dropped to 222K compared to previous figure 239K (revised from 238K) Source: Department of Labor
🇺🇸 U.S. CPI Inflation Rate (12-mth) in June dropped to 3% compared to previous figure 3.3% in May Source: Bureau of Labor Statistics
From X (Twitter)
In June, the Tokyo CPI (Inflation Rate) in Japan rose to 2.3%, up from the previous figure of 2.2% in May.
— Market Recap (@forexforum) June 30, 2024
What can we expect from USDJPY for the new week and what happened on Friday?
USDJPY on Friday dropped -0.57% to 157.85. Price is below 9-Day EMA while Stochastic is falling. For the week ending ,2024-07-12, the pair dropped -1.74% or -279 pips lower.
Looking ahead, USDJPY looks mixed as the pair is likely to consolidate above week low of 157.36.
For the new week, our technical outlook looks bearish, immediate support level is at 156.22 (WS1) with break below could see further selling pressure towards 154.60 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 161.75 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 157.36 would indicate selling pressure.
For the month of July, USDJPY is down by -1.9% or -305.9 pips lower.
Weekly key levels to watch out:
| R3 | 165.00 |
| R2 | 163.37 |
| R1 | 160.61 |
| Weekly Pivot | 158.98 |
| S1 | 156.22 |
| S2 | 154.60 |
| S3 | 151.83 |
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