Dollar/yen was almost unchanged last week, after a 3-week rally by the pair. Japanese events tend not to have a significant effect on the pair, but investors will be keeping a close eye on U.S. durable goods reports and Advance GDP. USD/JPY fundamental movers The Bank of Japan has held the course with monetary policy, and it’s unlikely we’ll see any change from the BoJ, which will set interest rates and release a monetary policy statement. Inflation remains well below the BoJ target of around 2 percent, and the global trade war has taken a toll on the manufacturing and export sectors. U.S. numbers enjoyed a solid week. Consumer spending rebounded in March, after posting declines in February. Retail sales jumped 1.6%, above the estimate of 0.9%. Core retail sales gained 1.2%, beating the forecast of 0.7%. As well, unemployment claims sparkled with a reading of 199 thousand. This was only the second reading below the 200-K level in 2019. See all the main events in the Forex Weekly Outlook Key news updates for USD/JPY Updates: USD/JPY Technical Analysis 115.55 was a high point in the first half of 2017 and remains an upside target. 114.60 was the high point in early October and has held in resistance since then. 114.25 was the high point in November. Close by, 113.80 was a resistance line in November. 113.15 was a swing high back in July. 112.73 was an important resistance line in October. 112.25 (mentioned last week) has held in resistance since December. 111.65 was active early in the week. Close by, 111.40 is providing support. 111.15 follow in support. 110.40 is next. 109.35 was a cushion in mid-July. 108.70 was a cushion early in the summer and 108.10 was a swing low in late May. USD/JPY Daily Chart USD/JPY Sentiment I remain bullish on USD/JPY With the Japanese economy feeling the squeeze of the U.S.-China trade war and the BoJ offering negative interest rates, there isn’t much to attract investors to the yen unless risk appetite drops sharply. Trade talks between China and the U.S. are continuing, but last week a U.S. official said that an agreement could be months away. Still, any progress between the sides would be good news for the export-dependent Japanese economy. Our latest podcast is titled: How bad is the global slowdown? Examining the three main economies Follow us on Sticher or iTunes Further reading: EUR/USD forecast – for everything related to the euro. GBP/USD forecast – Pound/dollar projections AUD/USD forecast – analysis for the Aussie dollar. USD/CAD forecast – Canadian dollar predictions Safe trading! Kenny Fisher Kenny Fisher 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. Kenny's Google Profile View All Post By Kenny Fisher MajorsUSD JPY ForecastWeekly Forex Forecasts share Read Next EUR/USD: Weakest daily close since June 2017, Focus on US durable goods data FX Street 4 years Dollar/yen was almost unchanged last week, after a 3-week rally by the pair. Japanese events tend not to have a significant effect on the pair, but investors will be keeping a close eye on U.S. durable goods reports and Advance GDP. USD/JPY fundamental movers The Bank of Japan has held the course with monetary policy, and it's unlikely we'll see any change from the BoJ, which will set interest rates and release a monetary policy statement. Inflation remains well below the BoJ target of around 2 percent, and the global trade war has taken a toll on the manufacturing and… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
