Dollar/yen settled down and showed limited movement last week. Japan releases Industrial Production and Retail Sales. The US releases ISM Manufacturing PMI, which continues to show strong expansion. On Friday, the US publishes nonfarm payrolls, which should be treated as a market-mover. . USD/JPY fundamental mover In Japan, all three releases last week were inflation events. The Services Producer Price Index (SPPI) came in at -0.6% in October, its first decline since May 2013. This was followed by BoJ Core CPI, which is the Bank of Japan’s preferred inflation gauge. The index came in at 0.0%, where it has hovered for most of 2020. The week wrapped up with a soft Tokyo Core CPI, which came in at -0.7%, its fourth straight decline. In the US, PMIs for October indicated stronger growth in the manufacturing and services sectors. Services PMI improved to 57.7, as the index accelerated for a seventh straight month. Manufacturing PMI climbed to 56.7, up significantly from 53.3 beforehand. Both PMIs were well into expansionary territory, which indicates that the economic recovery continues to gain traction. Unemployment claims climbed for a second straight week, with a reading of 778 thousand. This was much higher than the estimate of 732 thousand. Durable goods orders reports were mixed. The headline figure slowed to 1.3%, down from 1.9%. However, the core release climbed from 0.8% to 1.3%. The week wrapped up with the FOMC minutes of the November policy meeting. The minutes showed that officials did not believe any changes were needed to the current bond-purchase scheme of $120 billion/month. At the same time, they were of the opinion that “circumstances could shift to warrant such adjustments.” See all the main events in the Forex Weekly Outlook Key news updates for USD/JPY Updates: USD/JPY Technical Analysis 107.02 (mentioned last week) is an important monthly resistance line. 105.84 is next. 104.94 switched to a resistance role in mid-November, as the yen posted a strong rally. 104.11 is an immediate resistance line. 103.28 is the first support level. 102.13 has provided support since March. 101.52 is next. 99.98 has held in support since late August. It is the final support line for now. . USD/JPY Daily Chart USD/JPY Sentiment I am bearish on USD/JPY The yen has made inroads against the US dollar, which has been in retreat mode in recent months. With dollar weakness expected to continue, the yen could continue to gain ground this week. 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 Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. MajorsUSD JPY ForecastWeekly Forex Forecasts share Read Next Ripple Price Prediction: XRP’s rise to $1 hinges on one crucial upside barrier FX Street 11 months Dollar/yen settled down and showed limited movement last week. Japan releases Industrial Production and Retail Sales. The US releases ISM Manufacturing PMI, which continues to show strong expansion. On Friday, the US publishes nonfarm payrolls, which should be treated as a market-mover. . USD/JPY fundamental mover In Japan, all three releases last week were inflation events. The Services Producer Price Index (SPPI) came in at -0.6% in October, its… 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.