Dollar/yen rebounded last week, posting gains of close to 1.0%. Investors are keeping an eye on Japanese Preliminary GDP in the third quarter, with a forecast of 0.2%. USD/JPY fundamental movers Japanese household spending jumped 9.5% in September, as consumers rushed to make purchases before a new sales tax took effect in October. However, the real test for the economy will whether consumer spending remains in positive territory in the upcoming months. In the U.S., there was good news from the services sector, which continued to show expansion in October. Services PMI improved to 54.7, above the estimate of 53.5 points. The UoM Consumer Sentiment index dipped to 95.7, shy of the forecast of 97.0 points. There was a significant development on the trade front, as a Chinese report stated that the U.S. and China had agreed to phase out tariffs. However, no timetable was given. 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 112.25. 111.62 was last active in April. 110.62 is next. 109.73 has held in resistance since the end of May. 109.35 is close by. 108.70 is providing support. 108.10 is next. 107.30 (mentioned last week) switched to support in early October. 106.61 is next. 105.55 has held in support since late August. It is the final support level for now. USD/JPY Daily Chart USD/JPY Sentiment I remain bullish on USD/JPY Weak global demand has taken a toll on the Japanese exports and manufacturing sectors. With expectations that the U.S. and China could reach a trade deal, risk appetite could jump and dampen sentiment for the Japanese yen. 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 EUR/USD Forecast November 11-15 – Euro slides to 1.10 level Kenny Fisher 3 years Dollar/yen rebounded last week, posting gains of close to 1.0%. Investors are keeping an eye on Japanese Preliminary GDP in the third quarter, with a forecast of 0.2%. USD/JPY fundamental movers Japanese household spending jumped 9.5% in September, as consumers rushed to make purchases before a new sales tax took effect in October. However, the real test for the economy will whether consumer spending remains in positive territory in the upcoming months. In the U.S., there was good news from the services sector, which continued to show expansion in October. Services PMI improved to 54.7, above the estimate of 53.5… 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.
