Dollar/yen declined for a second straight week, as the pair fell below the 105 level. In the upcoming week, the Bank of Japan releases its rate decision. As well, we’ll get a look at BoJ Core CPI, the central bank’s preferred inflation gauge.
Key news updates for USD/JPY
USD/JPY Technical Analysis
We start at the round number of 108, an important monthly resistance line.
107.29 (mentioned last week) is protecting the 107 level.
106.44 has held in resistance since the end of August.
105.45 is next.
104.50 is an immediate support level.
103.52 has held in support since March.
102.13 is the final support line for now.
USD/JPY Daily Chart
I am bearish on USD/JPY
The US dollar continues to struggle, and USD/JPY is close to its lowest level since March. With the US continuing to struggle to contain Covid-19, the dollar could lose more ground to the yen.
Safe Trading!Get the 5 most predictable currency pairs