Dollar/yen posted sharp losses for a second straight week. This week’s highlights are Japanese GDP for Q4 and U.S. consumer inflation numbers. . USD/JPY fundamental mover Japanese consumer spending is struggling. Household Spending declined by 3.9%, marking a fourth straight decline. In the U.S., the Federal Reserve shocked the markets with a dramatic rate cut. The Fed slashed rates by 0.50%, which was the first cut between meetings since 2008. At a press conference, Fed Chair Powell acknowledged the severity of the coronavirus threat and added that he expected the rate cut to boost the U.S. economy. The week wrapped up with sharp employment data. Nonfarm payrolls sparkled, climbing to 273 thousand in February, up from 225 thousand. This crushed the estimate of 175 thousand. Wage growth improved from 0.2% to 0.3%, while the unemployment rate dropped from 3.6% to 3.5%. 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 108.70 (mentioned last week). 108.10 is the next resistance line. 107.30 was breached for the first time since early October. 106.61 has switched to a support role. 105.55 is an immediate resistance line. 104.65 is providing support. The round number of 104 was a key line in May 2008. 102.50 is the final support level. USD/JPY Daily Chart USD/JPY Sentiment I am neutral on USD/JPY The yen is making the most of its safe-haven status, as nervous investors are shunning risk due to the coronavirus outbreak. However, the virus is taking a toll on the Japanese economy, which could make the yen less attractive to investors. 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 Bitcoin Price Analysis: BTC/USD slumps to seven-week lows below $8,200 FX Street 2 years Dollar/yen posted sharp losses for a second straight week. This week's highlights are Japanese GDP for Q4 and U.S. consumer inflation numbers.. USD/JPY fundamental mover Japanese consumer spending is struggling. Household Spending declined by 3.9%, marking a fourth straight decline. In the U.S., the Federal Reserve shocked the markets with a dramatic rate cut. The Fed slashed rates by 0.50%, which was the first cut between meetings since 2008. At a press conference, Fed Chair Powell acknowledged the severity of the coronavirus threat and added that he expected the rate cut to boost the U.S. economy. The week wrapped up… Top 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.
