Dollar/yen posted strong gains last week, as the U.S. dollar posted broad gains on the currency markets. The pair climbed close to 1.0% last week, marking its sharpest weekly gains since late February. Investors will be keeping a close eye on the Bank of Japan, which will issue a rate statement, followed by a press conference with BoJ Governor Kuroda. USD/JPY fundamental movers Japanese inflation remains well below the BoJ’s target of just below 2.0%, and last week’s inflation indicators showed little change. The bank’s preferred inflation gauge, BoJ Core CPI, ticked lower to 0.6%, down from 0.7% in the previous release. Tokyo Core CPI remained pegged at 0.9%, its lowest gain in 2019. In the U.S., durable goods orders rebounded nicely in June. The headline reading gained 2.0%, crushing the estimate of 0.8%. Core durable goods orders jumped 1.2%, easily beating the estimate of 0.2%. The week wrapped up with Advance GDP for Q2, which dropped to 2.1%. Still, this beat the estimate of 1.8%. The markets are eyeing the Federal Reserve, with the CME Group pricing a rate cut at 78%. This would mark the first rate cut since 2008. See all the main events in the Forex Weekly Outlook Key news updates for USD/JPY Updates: USD/JPY Technical Analysis 111.69 was the high point of the yen rally in the first half of May. 111.15 follows. 110.40 (mentioned last week), is the next resistance line. 109.73 has held in resistance since the end of May. 109.35 is close by. 108.70 was tested for the first time since mid-June. 108.10 remained relevant last week. This line was a swing low in late May. 107.50 has some breathing room following strong gains by USD/JPY last week. 106.61 is next. 105.55 has held in support since early January. 104.65 is the final support level for now. USD/JPY Daily Chart USD/JPY Sentiment I am bullish on USD/JPY The U.S. dollar flexed some muscles last week and had no trouble pushing the yen sharply lower. Investors are pleased with the strong performance of the U.S. economy. Barring any flashpoints in the Persian Gulf, the safe-haven yen is not particularly attractive, as the Japanese economy is weak and the BoJ has little to offer. 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 Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Crypto levels to watch following Saturday’s selloff – Confluence Detector FX Street 4 years Dollar/yen posted strong gains last week, as the U.S. dollar posted broad gains on the currency markets. The pair climbed close to 1.0% last week, marking its sharpest weekly gains since late February. Investors will be keeping a close eye on the Bank of Japan, which will issue a rate statement, followed by a press conference with BoJ Governor Kuroda. USD/JPY fundamental movers Japanese inflation remains well below the BoJ's target of just below 2.0%, and last week's inflation indicators showed little change. The bank's preferred inflation gauge, BoJ Core CPI, ticked lower to 0.6%, down from 0.7% in the… 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.
