USDJPY on Thursday dropped -0.24% to 134.53. Pair in consolidation. What we know.

USDJPY by TradingView

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.24%	-32.9 Pips
Week to-date	0.31%	41.8 Pips
February	3.41%	444.2 Pips

Upcoming key events (London Time)

Fri 05:00 AM JPY BoJ Governor Nominee Ueda speech

What happened lately

📆 🇯🇵 JPY National CPI ex-Fresh Food (YoY) in January rose to 4.2% compared to previous figure 4% in December. Source
📆 🇯🇵 JPY National CPI ex Food, Energy (YoY) in January rose to 3.2% compared to previous figure 3% in December. Source
📆 🇯🇵 JPY National Consumer Price Index (YoY) in January below forecast and rose to 4.3% compared to previous figure 4% in December. Source
📆 🇺🇸 USD Core Personal Consumption Expenditures (QoQ) in Q4 preliminary estimate exceed forecast and rose to 4.3% compared to previous figure 3.9% in Q3. Source
📆 ☢️ 🇺🇸 USD Gross Domestic Product Annualized in Q4 preliminary estimate below forecast and dropped to 2.7% compared to previous figure 2.9% in Q3. Source
🇺🇸 📆 USD In the week ending 18 February, the Initial Jobless Claims dropped to 192K compared to previous figure 195K (revised from 194K). Source
📆 🇺🇸 USD Chicago Fed National Activity Index in January exceed forecast and rose to 0.23 points compared to previous figure -0.46, revised from -0.49 points in December. Source
📆 🇺🇸 USD S&P Global Composite PMI in February preliminary estimate exceed forecast and rose to 50.2 points compared to previous figure 46.8 points in January. Source
📆 🇺🇸 USD S&P Global Services PMI in February preliminary estimate exceed forecast and rose to 50.5 points compared to previous figure 46.8 points in January. Source

What can we expect from USDJPY today?

USDJPY on Thursday dropped -0.24% to 134.53. Price is above 9-Day EMA while Stochastic is rising but in overbought zone.

Updated daily direction for USDJPY looks mixed as the pair is likely to consolidate above 134.08 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 135.36 or trades above daily pivot 134.72 while to the downside, the daily low of 134.27 and 134.08 (S1) as key support levels. USDJPY need to break on either side to indicate a short-term bias. A close below 134.27 would indicate selling pressure.

For the week to-date, take note that USDJPY is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

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Minutes of the Federal Open Market Committee, January 31–February 1, 2023 Source: Federal Reserve

Last updated: 11:41 pm UTC, 23-Feb 2023

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