Dollar/yen posted slight gains for a second straight week. Japanese consumer numbers are expected to be soft in the upcoming week. Tokyo Core CPI is projected to drop by 0.2%, while retail sales is expected to slide by 11.2 percent. In the U.S., second-estimate GDP for Q1 is expected to confirm the initial read of -4.8 percent. Durable goods is expected to fall by 17.9% and personal spending by 12.6 percent. . USD/JPY fundamental mover Japan’s economy sank into a recession, as the economy contracted by 0.9% Q1. The economy contracted in Q4 by 1.6% percent. Manufacturing indicators fell and the trade deficit widened to JPY 1.00 trillion, as exports declined by 22% in April. The BoJ held an unscheduled meeting, in which it offered more credit for struggling businesses but did not make any changes to monetary policy. In the U.S., construction numbers softened in April. Building Permits fell to 1.07 million, down from 1.35 million. Housing starts slowed to 0.89 million, down from 0.95 million. In March, the final read for Manufacturing PMI came in at 41.5 points, and the initial estimate for April came in at 39.8 points. A reading below the 50-level points to contraction. 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 110.62. 109.73 is protecting the 110 level, which has psychological significance. 108.70 (mentioned last week) is next. 108.10 has held in resistance since mid-March. 107.30 remains relevant. Currently, it is an immediate support level. 106.61 is next. 105.55 has held in support since mid-March. 104.65 is the final support level for now. . USD/JPY Daily Chart USD/JPY Sentiment I am bullish on USD/JPY The Japanese yen continues to hold its own against the U.S. dollar, as both currencies are considered safe-haven assets. Still, the U.S. economy is in much better shape than that of Japan, which could help the greenback make inroads against the yen. 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 Cryptocurrency Market Update: Bears threaten to push Bitcoin below $9,000 FX Street 3 years Dollar/yen posted slight gains for a second straight week. Japanese consumer numbers are expected to be soft in the upcoming week. Tokyo Core CPI is projected to drop by 0.2%, while retail sales is expected to slide by 11.2 percent. In the U.S., second-estimate GDP for Q1 is expected to confirm the initial read of -4.8 percent. Durable goods is expected to fall by 17.9% and personal spending by 12.6 percent.. USD/JPY fundamental mover Japan's economy sank into a recession, as the economy contracted by 0.9% Q1. The economy contracted in Q4 by 1.6% percent. Manufacturing indicators fell and 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.
