USDJPY on Wednesday rose 0.17% to 147.36. What we know.

USDJPY Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.17%	25.3 Pips
Week to-date	0.22%	32.099 Pips
August	-1.59%	-238.1 Pips

Upcoming key events (London Time)

Thu 12:50 AM JPY GDP (3-mth)
Thu 01:30 PM USD Monthly Retail Trade (1-mth)

What happened lately

Japan’s GDP (3-month) in the Q2 flash estimate rose to 0.8%, compared to the previous figure of -0.5% in Q1. Source: Cabinet Office
🇯🇵 Japan’s GDP Deflator (12-month) in the Q2 flash estimate dropped to 3% compared to the previous figure of 3.4% in Q1.
🇯🇵 Japan’s GDP in the Q2 flash estimate rose to 3.1% compared to the previous figure of -1.8% in Q1.
🇺🇸 U.S. CPI Inflation Rate (1-mth) increased to 0.2% in July from -0.1% in June. Source: Bureau of Labor Statistics
The U.S. CPI Inflation Rate excluding Food and Energy sectors increased to 0.2% in July from 0.1% in June. Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in July dropped to 3.2%, down from 3.3% in June. Source: Bureau of Labor Statistics
🇺🇸 The U.S. CPI inflation rate for July dropped to 2.9% from the previous figure of 3% in June. Source: Bureau of Labor Statistics
🇺🇸 In July, the U.S. Producer Price Index excluding Food & Energy dropped to 0% compared to the revised June figure of 0.3%, previously reported as 0.4%. Source: Bureau of Labor Statistics
🇺🇸 The U.S. Producer Price Index (12-month) for July dropped to 2.2%, down from the revised June figure of 2.7%, which was initially reported as 2.6%. Source: Bureau of Labor Statistics
The U.S. PPI excluding Food and Energy sectors (12-month) in July dropped to 2.4% compared to the previous figure of 3% in June.
🇺🇸 In July, the U.S. Producer Price Index (1-mth) dropped to 0.1% from 0.2% in June. Source: Bureau of Labor Statistics

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What can we expect from USDJPY today?

USDJPY on Wednesday rose 0.17% to 147.36. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDJPY looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 147.94 with break above could target R2 at 148.52. While towards the downside, we are looking at daily low of 146.07 as an important support. Break below this level could weaken the current bullish momentum. A break above 147.58 would suggest bullish bias after recent positive movement.

For the week to-date, take note that USDJPY is mixed as compared to prior week.

Key levels to watch out: