USDJPY on Friday rose 0.06% to 134.15. Week ending 2023-02-17 rose 2.13%. Bullish momentum. What you need to know.

USDJPY by TradingView

Performance
Period	Pct	Chg	Momentum
Friday	0.06%	7.7 Pips
Week 2023-02-17	2.13%	280.4 Pips
February	3.11%	404.1 Pips

Upcoming key events for the new week (London Time)

Mon 05:00 AM USD Presidents’ Day
Wed 03:00 PM JPY The Emperor’s Birthday
Wed 07:00 PM USD FOMC Minutes
Thu 01:30 PM USD Gross Domestic Product Annualized

What happened over the week

📆 🇺🇸 USD Philadelphia Fed Manufacturing Survey in February below forecast and dropped to -24.3 points compared to previous figure -8.9 points in January. Source
📆 🇯🇵 JPY Exports (YoY) in January exceed forecast and dropped to 3.5% compared to previous figure 11.5% in December. Source
📆 🇯🇵 JPY Imports (YoY) in January below forecast and dropped to 17.8% compared to previous figure 20.7, revised from 20.6% in December. Source
📆 ☢️ 🇺🇸 USD Retail Sales Control Group in January exceed forecast and rose to 1.7% compared to previous figure -0.7% in December. Source
📆 ☢️ 🇺🇸 USD Consumer Price Index ex Food & Energy (YoY) in January exceed forecast and dropped to 5.6% compared to previous figure 5.7% in December. Source
📆 🇯🇵 JPY Industrial Production (YoY) in December below forecast and improved to -2.4% compared to previous figure -2.8% in November. Source
📆 🇯🇵 JPY Gross Domestic Product Annualized in Q4 preliminary estimate below forecast and rose to 0.6% compared to previous figure -0.8% in Q3. Source

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

USDJPY on Friday rose 0.06% to 134.15. Price is above 9-Day EMA while Stochastic is falling but in overbought zone. For the week ending 2023-02-17, the pair rose 2.13% or 280.4 pips higher.

Looking ahead on Monday after previous trading session, USDJPY looks mixed as the pair is likely to consolidate above week low of 131.21.

For the new week, our technical outlook looks bullish, immediate upside resistance level at 135.78 (WR1) with break above could target 137.40 (WR2). On the downside, we are looking at last week low of 131.21 as an important support. Break below this level could weaken the current bullish momentum. A break above 135.12 would suggest bullish bias after recent positive movement.

For the month of February, USDJPY is up by 3.11% or 404.1 pips higher.

Weekly key levels to watch out:

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The Time Series Data on Current Production Statistics Source: Ministry of Economy, Trade and Industry
Monthly Report of Current Production Statistics (December 2022) Source: Ministry of Economy, Trade and Industry
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