USDJPY on Tuesday dropped 0.00% to 136.17. End February up by 4.69% or 609.6 pips higher. Pair in consolidation. What we know.

USDJPY by TradingView

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	0.00%	0.6 Pips
Week to-date	-0.03%	-3.6 Pips
February	4.69%	609.6 Pips

Upcoming key events (London Time)

Wed 03:00 PM USD ISM Manufacturing PMI

What happened lately

📆 🇺🇸 USD Chicago Purchasing Managers’ Index in February below forecast and dropped to 43.6 points compared to previous figure 44.3 points in January. Source
📆 🇯🇵 JPY Retail Trade s.a (MoM) in January exceed forecast and rose to 1.9% compared to previous figure 1.1% in December. Source
📆 🇯🇵 JPY Industrial Production (YoY) in January preliminary estimate below forecast and improved to -2.3% compared to previous figure -2.4% in December. Source
📆 🇯🇵 JPY Large Retailer Sales in January exceed forecast and rose to 5.3% compared to previous figure 3.6% in December. Source
📆 🇯🇵 JPY Industrial Production (MoM) in January preliminary estimate exceed forecast and dropped to -4.6% compared to previous figure 0.3% in December. Source
📆 🇯🇵 JPY Retail Trade (YoY) in January exceed forecast and rose to 6.3% compared to previous figure 3.8% in December. Source
📆 🇺🇸 USD Pending Home Sales (MoM) in January exceed forecast and rose to 8.1% compared to previous figure 1.1, revised from 2.5% in December. Source
📆 ☢️ 🇺🇸 USD Durable Goods Orders in January exceed forecast and dropped to -4.5% compared to previous figure 5.1, revised from 5.6% in December. Source

What can we expect from USDJPY today?

USDJPY on Tuesday dropped 0.00% to 136.17. Price is above 9-Day EMA while Stochastic is falling but in overbought zone.

Updated daily direction for USDJPY looks mixed as the pair is likely to consolidate above 135.62 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 136.92 or trades above daily pivot 136.27 while to the downside, the daily low of 135.71 and 135.62 (S1) as key support levels. USDJPY need to break on either side to indicate a short-term bias. A close below 135.71 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.

USDJPY ended month of February trading session up by 4.69% or 609.6 pips higher.

Key levels to watch out:

You might also be interested in:

Minutes of the Board’s discount rate meetings from January 23 and February 1, 2023 Source: Federal Reserve
Advance Retail Inventories Source: Census Bureau
Advance U.S. International Trade in Goods Source: Census Bureau
Advance Wholesale Inventories Source: Census Bureau
Preliminary Report on Petroleum Statistics (January 2023) Source: Ministry of Economy, Trade and Industry
Preliminary Report on Current Survey of Production (January 2023) Source: Ministry of Economy, Trade and Industry
Preliminary Report on Indices of Industrial Production (January 2023) Source: Ministry of Economy, Trade and Industry
Preliminary Report on the Current Survey of Commerce (January 2023) Source: Ministry of Economy, Trade and Industry
Speech by Deputy Governor WAKATABE at the CJEB, Columbia University on Feb. 27, 2023 (Seven Reflections on Japan’s Economy, Monetary Policy, and the Bank of Japan) Source: Bank of Japan
Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau

Last updated: 02:51 am UTC, 01-Mar 2023

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