USDJPY Analysis
| Performance after Tuesday | |||
| Period | Pct | Chg | Momentum |
| Tuesday | 0.08% | 13.0 Pips | ▲ |
| Week to-date | 0.15% | 24.0 Pips | ▲ |
| June | 0.75% | 119.0 Pips | ▲ |
Upcoming key events (GMT+8)
| Time (GMT+8) | Currency | Impact | Event |
| Wed 08:30 PM | USD | HIGH | Monthly Retail Trade (1-mth) |
| Thu 02:00 AM | USD | HIGH | Fed Interest Rate Decision (Federal Funds Rate) |
What happened lately
On Tuesday, the USDJPY currency pair experienced a modest increase of 0.08%, closing at 160.45000. The trading session saw the pair reach a high of 160.48000 and a low of 160.03000.
The recent movement in the USDJPY market follows the Bank of Japan’s decision to maintain its Short-Term Policy Interest Rate at 1, aligning with market expectations and up from the previous rate of 0.75. This decision was announced at 11:00 GMT+8 on the previous trading day.
Looking ahead, traders are likely to focus on upcoming high-impact economic events that could influence the USDJPY pair. Key events include the Monthly Retail Trade data for the USD, scheduled for release on Wednesday at 08:30 PM GMT+8, and the Federal Reserve’s Interest Rate Decision, set for Thursday at 02:00 AM GMT+8.
The overall market sentiment appears to be cautious, as participants await further economic data and central bank decisions that could provide more direction for the USDJPY pair. The recent rate decision by the Bank of Japan has not significantly altered market dynamics, leaving traders to look towards upcoming U.S. economic releases for potential catalysts.
What can we expect from USDJPY today?
The USDJPY pair is showing a slightly bullish daily outlook with a modest increase of 0.08% on Tuesday, closing at 160.45000. The pair’s performance for the week remains mixed, with a 0.15% gain so far.
📈 Bull Scenario If the USDJPY maintains its position above the 9-day EMA, it could continue its upward momentum. A bullish scenario might be triggered if the pair breaks above the daily pivot point of 160.32, with resistance levels to watch at R1: 160.61 and R2: 160.77. | 📉 Bear Scenario Conversely, a bearish scenario may unfold if the USDJPY falls below the daily pivot point of 160.32, especially with the stochastic indicator currently falling. Key support levels to monitor are S1: 160.16 and S2: 159.87, which could signal further downside if breached. |
Key levels to watch out:
| R3 | 161.06 |
| R2 | 160.77 |
| R1 | 160.61 |
| Daily Pivot | 160.32 |
| S1 | 160.16 |
| S2 | 159.87 |
| S3 | 159.71 |