Dollar/yen showed little movement for a second consecutive week. On the fundamental front, Japanese releases are all second-tier, which is unlikely to impact on the movement of USD/JPY. In the US, the focus will be on the US consumer, with the release of CPI and retail sales. . USD/JPY fundamental mover Japan’s GDP posted a third straight decline in GDP, with a reading of 0.6% in Q2. Two consecutive declines indicate recession. Tokyo Core CPI improved to 0.4%, up from 0.2% beforehand. Other consumer data continued to point downward. Average Cash Earnings fell by 1.7%, while Household Spending declined by 1.2%. Both of these readings beat the forecasts. There was positive news from the US manufacturing sector, as the ISM Manufacturing PMI improved to 54.2 in June, up from 53.6 beforehand. A reading above the 50-level points to expansion. US employment data was stronger than expected. Nonfarm payrolls slowed to 1.76 million, down from 4.8 million beforehand. Still, this beat the forecast of 1.53 million. Wage growth beat the estimate of -0.5% with a gain of 0.2%, after two straight declines. As well the unemployment rate fell from11.1% to 10.2%, beating the estimate of 10.5%. See all the main events in the Forex Weekly Outlook Key news updates for USD/JPY Updates: USD/JPY Technical Analysis 109.73 (mentioned last week) is protecting the 110 level, which has psychological significance. 108.30 has provided resistance since early June. 107.22 is next. 106.05 was tested throughout the week. 105.13 is providing support. 104.29 is next. 103.52 was last tested in early March. 102.27 is the final support line for now. . USD/JPY Daily Chart USD/JPY Sentiment I remain neutral on USD/JPY The US dollar continues to struggle to find its feet, as the US struggles with the Covid-19 pandemic. At the same time, there are signs of recovery in the US, such as employment and manufacturing. 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. 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 USD/CAD Forecast Aug. 10-14 – Greenback recovers after solid nonfarm payrolls Kenny Fisher 3 years Dollar/yen showed little movement for a second consecutive week. On the fundamental front, Japanese releases are all second-tier, which is unlikely to impact on the movement of USD/JPY. In the US, the focus will be on the US consumer, with the release of CPI and retail sales.. USD/JPY fundamental mover Japan's GDP posted a third straight decline in GDP, with a reading of 0.6% in Q2. Two consecutive declines indicate recession. Tokyo Core CPI improved to 0.4%, up from 0.2% beforehand. Other consumer data continued to point downward. Average Cash Earnings fell by 1.7%, while Household Spending declined by 1.2%.… 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.
