The U.S. dollar enjoyed broad gains last week and Dollar/yen jumped 1.28%. This was the pair’s best week since early October. It’s a busy week in the U.S. We’ll get a look at CPI and retail sales reports, and Federal Reserve Chair Jerome Powell testifies before Congress. . USD/JPY fundamental movers Japanese household spending slumped as the recent sales tax has taken a bite out of consumers’ pockets. The indicator fell by 4.8% in December, marking a third straight decline. The estimate stood at -1.7%. In the U.S. there was good news from the manufacturing sector, as ISM Manufacturing PMI rose to 50.9 in January, up from 47.2 a month earlier. This figure beat the forecast of 48.5 points. This marked the first showing expansion since July. The week wrapped up with employment data, which was mixed. Wage growth came in at 0.2%, shy of the estimate of 0.3%. Nonfarm payrolls sparkled with a gain of 225 thousand. This was much stronger than the forecast of 163 thousand. See all the main events in the Forex Weekly Outlook Key news updates for USD/JPY Updates: USD/JPY Technical Analysis 113.15 was a swing high back in July. 112.73 was an important resistance line in October. 112.25 has held in resistance since December. 111.69 follows. 110.62 could be under pressure if USD/JPY continues to gain ground. 109.73 is fluid, as the pair ended the week just above this line. 108.70 is providing support. 108.10 last saw action in the first week in January. 107.30 (mentioned last week) has provided support since October 2019. 106.61 is next. 105.55 is the final support level for now. USD/JPY Daily Chart USD/JPY Sentiment I am bullish on USD/JPY The China coronavirus has hurt risk appetite, which should be bullish for the safe-haven yen. However, the outbreak will likely take a bite out of Japan’s economy, as tourism, services and other sectors have already been damaged by the virus. This could mean trouble for the fragile Japanese economy. 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 AUD/USD gaps down to refresh multi-year low near 0.6660, eyes on China CPI FX Street 2 years The U.S. dollar enjoyed broad gains last week and Dollar/yen jumped 1.28%. This was the pair's best week since early October. It's a busy week in the U.S. We'll get a look at CPI and retail sales reports, and Federal Reserve Chair Jerome Powell testifies before Congress.. USD/JPY fundamental movers Japanese household spending slumped as the recent sales tax has taken a bite out of consumers' pockets. The indicator fell by 4.8% in December, marking a third straight decline. The estimate stood at -1.7%. In the U.S. there was good news from the manufacturing sector, as ISM Manufacturing PMI rose… 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.