The USDJPY pair achieved a consecutive week of growth and concluded at a rate of 144.13, marking its highest point since November 2022.

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• The USD/JPY tallied a week in a row of gains and closed at 144.13, it highest level since November 2022.

The pair currently trades last at 144.743.

The previous day high was 144.62 while the previous day low was 143.73. The daily 38.2% Fib levels comes at 144.28, expected to provide support. Similarly, the daily 61.8% fib level is at 144.07, expected to provide support.

On Thursday, the USD/JPY closed the session with gains at 144.13 as the USD gained momentum on positive Gross Domestic Product (GDP) and Jobless Claims data. The focus shifts to key data releases on Friday from both countries.

At the early Asian session, the Statistics Bureau of Japan will release the Tokyo Consumer Price Index (CPI), which is expected to rise, reaching a year-on-year increase of 3.8%. Additionally, the core CPI figure is anticipated to reach 4.4%, and the unemployment rate in May is expected to remain stable at 3.6%.

It is worth noting that the Bank of Japan (BoJ) is targeting wage growth, and Governor Ueada mentioned on Wednesday that he’ll consider a policy pivot once inflation aligns with the bank’s target. In that sense, Friday’s data may impact the JPY’s price dynamics.

On the other hand, Core Personal Consumption Expenditures (PCE) will be released on Friday and is expected to come in at 4.7%. This figure is an important gauge of inflation for the Federal Reserve (Fed), so its outcome will impact the Federal Open Market (FOMC) next meeting’s expectations in July. As for now, markets discount higher odds of a 25 basis points (bps) hike.

According to the daily chart, the technical outlook for the USD/JPY is bullish. However, the pair will face strong resistance at 145.00, and as bulls seem to be losing some steam, a downward correction shouldn’t be taken off the table.

Support Levels to watch: 144.00, 143.50, 143.20.
Resistance Levels to watch: 145.00, 145.20, 145.50.

Technical Levels: Supports and Resistances

USDJPY currently trading at 144.76 at the time of writing. Pair opened at 144.49 and is trading with a change of 0.19 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 141.14, 50 SMA 138.39, 100 SMA @ 136.01 and 200 SMA @ 137.22.

The previous day high was 144.62 while the previous day low was 143.73. The daily 38.2% Fib levels comes at 144.28, expected to provide support. Similarly, the daily 61.8% fib level is at 144.07, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 143.94, 143.39, 143.06
• Pivot resistance is noted at 144.83, 145.17, 145.72

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