USDJPY Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -0.94% | -134.2 Pips |  |
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| Week to-date | -0.96% | -136.6 Pips | |
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| April | -6.09% | -913.5 Pips |  |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
The lack of major economic news releases presents a steady state for the markets, indicating no unexpected shifts in economic indicators, policy changes, or geopolitical tensions that could potentially alter the prevailing market sentiments. With no notable developments or data updates in the current period, investors and market participants likely continue to base their decisions on existing data and trends, maintaining a stable economic environment in the absence of new information. As such, the current status can be perceived as neutral, implying neither negative nor positive surprises have emerged to sway market directions significantly.
The USDJPY currency pair witnessed a decrease of 0.94%, settling at 140.81 on Monday. This depreciation of the US dollar against the Japanese yen indicates that, on this occasion, traders might have shifted towards the yen, perceived as a relatively stable and safe haven currency. This trend can occur due to various factors, such as risk aversion, economic sentiment, or specific market anticipations about future interest rate adjustments by central banks, but no explicit catalysts were named in the current environment due to the lack of distinct economic announcements.
With no significant upcoming events or economic releases on the horizon, traders may continue to rely on prevailing trends and past economic data to guide their market strategies. Accordingly, the dynamics affecting USDJPY might remain relatively muted, with movements influenced primarily by ongoing market sentiment rather than fresh economic developments. Investors may focus on future economic projections or scheduled announcements that could impact monetary policies or market conditions, using these insights to predict potential currency valuation shifts.
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What can we expect from USDJPY today?
USDJPY on Monday dropped -0.94% to 140.81. Price is below 9-Day EMA while Stochastic is falling in oversold zone.
Updated daily direction for USDJPY looks bearish as the pair posted lower in Monday trading session.
Looking ahead for the day, immediate support level is at 140.14 (S1) with break below could see further selling pressure towards 139.47 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 142.13 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 140.47 would indicate selling pressure.
For the week to-date, take note that USDJPY is bearish as the pair posted lower by -0.96%.
Key levels to watch out:
| R3 | 143.46 |
| R2 | 142.8 |
| R1 | 141.8 |
| Daily Pivot | 141.13 |
| S1 | 140.14 |
| S2 | 139.47 |
| S3 | 138.48 |