Dollar/yen had its first quiet week since mid-February. This week’s highlights include Japanese household spending, U.S. unemployment claims and consumer inflation. . USD/JPY fundamental mover Japanese retail sales were unexpectedly strong in February, with a gain of 1.7%. This beat the estimate of -1.5% and easily ended a string of four consecutive declines. The Tankan indices slowed considerably in the fourth quarter. The Manufacturing index slowed fell to -8, down from zero. The Services index fell from 20 to 8 points. In the U.S. the spotlight was on employment numbers, which were a disaster, as the COVID-19 virus has paralyzed much of the U.S. economy. Jobless claims soared to 6.6 million, more than double to 3.2 million a week earlier. Nonfarm payrolls fell by 701 thousand, much worse than the estimate of -100 thousand. The unemployment rate shot up to 4.4% up from 3.5 percent. The estimate stood at 3.8 percent. On the manufacturing front, the ISM Manufacturing PMI slowed to 49.1 in March, down from 50.1 a month earlier. Still, this easily beat the forecast of 44.9 points. 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 an immediate support level. 108.10 has switched to a support role after USD/JPY broke above it last week. 107.30 was tested throughout the week. 106.61 is next. 105.55 has held firm in support since mid-March. 104.65 is the final support line for now. . 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, as the yen has been forced to take a back seat. The greenback has performed fairly well despite some appalling job numbers, and the outlook for the dollar remains positive. 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. Forex+ weekly forecast – Outlook for the major events of the week. 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 Fed’s Bullard: Economic relief bill ‘well-sized’ to help US Economy FX Street 2 years Dollar/yen had its first quiet week since mid-February. This week's highlights include Japanese household spending, U.S. unemployment claims and consumer inflation.. USD/JPY fundamental mover Japanese retail sales were unexpectedly strong in February, with a gain of 1.7%. This beat the estimate of -1.5% and easily ended a string of four consecutive declines. The Tankan indices slowed considerably in the fourth quarter. The Manufacturing index slowed fell to -8, down from zero. The Services index fell from 20 to 8 points. In the U.S. the spotlight was on employment numbers, which were a disaster, as the COVID-19 virus has paralyzed much… 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.
