USDJPY Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.73% | -112.2 Pips |  |
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| Week to-date | -0.87% | -133.501 Pips |  |
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| July | -5.04% | -810.3 Pips | |
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Upcoming key events (London Time)
Wed 04:00 AM JPY Bank of Japan Short-Term Policy Interest Rate
Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
What happened lately
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in June dropped to 8.184M compared to the previous figure of 8.23M, revised from 8.14M in May. Source: Bureau of Labor Statistics 🇺🇸 U.S. House Price Index (1-mth) in May dropped to 0% from a revised figure of 0.3% in April. Source: FHFA Japan’s unemployment rate in June dropped to 2.5%, compared to 2.6% in May. Source: Statistics Bureau of Japan
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What can we expect from USDJPY today?
USDJPY on Tuesday dropped -0.73% to 152.86. Price is below 9-Day EMA while Stochastic is rising.
Updated daily direction for USDJPY looks bearish as the pair posted lower in Tuesday trading session.
Looking ahead for the day, immediate support level is at 151.77 (S1) with break below could see further selling pressure towards 150.69 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 155.22 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 152.41 would indicate selling pressure.
For the week to-date, take note that USDJPY is mixed as compared to prior week.
Key levels to watch out:
| R3 | 157.39 |
| R2 | 156.31 |
| R1 | 154.58 |
| Daily Pivot | 153.5 |
| S1 | 151.77 |
| S2 | 150.69 |
| S3 | 148.96 |