Dollar/yen slipped close to the 104 line during the week, but managed to recover on Friday. On the fundamental front, Japan’s GDP is expected to fall for a third successive quarter, with a forecast of -0.7%. Analysts are braced for poor consumer spending data for June. Average Cash Earnings are forecast to drop by 3.0% and Household Spending is projected to decline by 7.8%. . USD/JPY fundamental mover BoJ Core CPI, which is the Bank of Japan’s preferred inflation gauge, rose to 0.1%, up from 0.0%. Retail sales declined by 1.2%, after suffering two double-digit declines. There was good news on the manufacturing front, as Industrial Production rose 2.7%, after three successive declines. In the US, it was mostly a disappointing week. Durable goods data softened in June. The headline came in at 7.3%, down from 15.8%. The core reading fell from 4.0% to 3.3%. The Fed maintained the benchmark rate at zero and had a dovish market for the markets, as expected. Policymakers reiterated their commitment to “act as appropriate to support the economy”, but did not announce any new policy measures. The initial GDP read for Q2 was dismal. The economy contracted by 32.9%, close to the estimate of 34.5%. The week ended with UoM Consumer Sentiment falling to 72.5, down sharply from 78.1 beforehand. 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 is an immediate resistance line. 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 am bullish on USD/JPY The yen pushed close to the 104 level last week, although it was unable to consolidate the gains. Still, the currency is showing strength after recently breaking below the key 106 level. With the US dollar in retreat mode, it could be a good week for the yen. 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 Volatile August price action here we come, traders focussed on USD resurgence FX Street 3 years Dollar/yen slipped close to the 104 line during the week, but managed to recover on Friday. On the fundamental front, Japan's GDP is expected to fall for a third successive quarter, with a forecast of -0.7%. Analysts are braced for poor consumer spending data for June. Average Cash Earnings are forecast to drop by 3.0% and Household Spending is projected to decline by 7.8%. . USD/JPY fundamental mover BoJ Core CPI, which is the Bank of Japan's preferred inflation gauge, rose to 0.1%, up from 0.0%. Retail sales declined by 1.2%, after suffering two double-digit declines. There was good… 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.
