USDJPY on Friday rose 0.06% to 157.44. Week ending 2024-07-19 moved lower by -0.55%. What happened.

USDJPY Analysis

Performance
Period	Pct	Chg	Momentum
Friday	0.06%	10 Pips
Week 242024-07-19	-0.55%	-87.3 Pips
July	-2.15%	-346.7 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP annual rate
Fri 12:30 AM Tokyo CPI (Inflation Rate) (12-mth)
Fri 01:30 PM Personal Consumption Expenditures Price Index (1-mth)
Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇯🇵 Japan’s National CPI Inflation Rate for June remained unchanged at 2.8% compared to May. Source: Statistics Bureau of Japan
🇺🇸 In the week ending 13 July, U.S. Initial Unemployment Insurance Claims rose to 243K compared to previous figure 223K (revised from 222K) Source: Department of Labor
The U.S. Manufacturing Business Outlook Survey in July rose to 13.9 points from the previous figure of 1.3 points in June. Source: Philadelphia Fed
🇯🇵 Japan Merchandise Trade Balance Total in June rose to 224¥ compared to previous figure -1220.1¥ (revised from -1.221¥) Source: Ministry of Finance Japan
🇯🇵 Japan’s 12-month export growth in June dropped to 5.4% from 13.5% in May. Source: Ministry of Finance Japan
🇯🇵 Japan’s 12-month import growth rate in June dropped to 3.2% from 9.5% in May. Source: Ministry of Finance Japan
🇺🇸 U.S. Industrial Production (1-mth) in June dropped to 0.9% compared to previous figure 1% (revised from 0.9%)
🇺🇸 U.S. Monthly Retail Trade (1-mth) in June dropped to 0% compared to previous figure 0.1% in May Source: Census Bureau

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 rose 0.06% to 157.44. Price is below 9-Day EMA while Stochastic is rising. For the week ending ,2024-07-19, the pair dropped -0.55% or -87.3 pips lower.

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

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 158.84 or at least consolidates above Weekly Pivot level of 157.26. On the downside, we are looking at week low 155.50 or 155.68 (WS1) as immediate support level. USDJPY need to break on either side to indicate a short-term bias. A close below week low of 155.50 would indicate selling pressure.

For the month of July, USDJPY is down by -2.15% or -346.7 pips lower.

Weekly key levels to watch out:

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