USD/JPY Forecast April 13-17 – Yen Remains Steady For Second Consecutive Week

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The Japanese yen had a quiet week,  as Dollar/yen was unchanged. The upcoming week’s highlights include U.S. retail sales and unemployment claims.
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USD/JPY fundamental mover

Japanese household spending posted a fifth straight decline in February. However, the indicator dropped just 0.3%, compared to a 3.9% decline in January. Core machine orders posted a second straight gain, with a gain of 2.3% in February. This easily beat the forecast of -2.3 percent.

In the U.S., unemployment claims hit a shocking level for a second straight week, hitting 6.60 million. This was higher than the estimate of 5.0 million. The week ended on a sour note, as consumer inflation declined by 0.4% in March, the first decline since December 2018. Core CPI fell by 0.1%, after a gain of 0.2% a month earlier.

See all the main events in the Forex Weekly Outlook

Key news updates for USD/JPY

Updates:

USD/JPY Technical Analysis

We start with resistance at 111.69.

110.62 is next.

109.73 is protecting the 110 level, which has psychological significance.

108.70 (mentioned last week) is next.

108.10 is an immediate support level. It could see action early next week.

107.30 is the next support level.

106.61 has held in support since mid-March. 105.55 follows.

104.65 is the final support line for now.

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USD/JPY Daily Chart

USD/JPY Sentiment

I remain bullish on USD/JPY

The U.S. dollar has emerged as the primary safe-haven asset in the current crisis, outshining the yen. The greenback has performed fairly well despite some appalling job numbers and the outlook for the dollar remains positive.

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About Author

Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.

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