Japan experienced a smaller Q3 decline than previously anticipated. Japan’s economy shrank due to global recession risks, China’s faltering economy, and a weak yen. Japan’s current account deficit increased to 609.3 billion yen in October. Today’s USD/JPY forecast is slightly bearish. The third-largest economy in the world, Japan, experienced a smaller third-quarter decline than previously anticipated, supporting the idea that it is slowly emerging from COVID-19 gloom even as key export markets continue to deteriorate. –Are you interested in learning more about buying NFT tokens? Check our detailed guide- Separate figures reveal that October saw the country’s first current account deficit in eight years due to increased import costs brought on by this year’s collapse in the yen to multi-decade lows and the consequent impact on consumers and companies. Japan’s economy unexpectedly contracted in the third quarter as rising import costs and prospects of a global recession affected consumer spending and company activity. According to some observers, the economy may strengthen in the current quarter due to the relaxation of supply limits on semiconductors and vehicles and the removal of COVID-19 border controls, increasing tourism. Others, on the other hand, expect the world economy to enter a recession in 2023, which would be devastating for Japan and other trade-dependent Asian exporters. A weak yen and high import costs raise living expenses, offsetting factors contributing to GDP growth. According to the Ministry of Finance figures, rising energy and other import expenses caused Japan’s current account deficit to increase to 609.3 billion yen ($4.45 billion) in October. The shortfall was the first since March 2014. USD/JPY key events today Investors will pay attention to the initial jobless claims report from the United States that will shed more light on the labor market. Get FREE Forex Signals Now! USD/JPY technical forecast: 30-SMA support on the test Looking at the chart, we see the price slightly above the 30-SMA, which was recently broken, and the RSI slightly above 50. These indicators point to a bullish move. The price broke above the 136.05 resistance level, and the SMA was on strong bullish momentum. –Are you interested in learning more about British Trade Platform Review? Check our detailed guide- The price has pulled back to retest the 30-SMA and looks ready to bounce higher. However, bulls still need to show more strength for a new high. When they do, the price will likely take out 138.03. If they fail, it might break below the SMA and retest the 134.03 support. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Forex News Today: Daily Trading News share Read Next EUR/USD Outlook: Investors Worry About the Fed’s Rate Policy Saqib Iqbal 2 months Japan experienced a smaller Q3 decline than previously anticipated. Japan's economy shrank due to global recession risks, China's faltering economy, and a weak yen. Japan's current account deficit increased to 609.3 billion yen in October. Today's USD/JPY forecast is slightly bearish. The third-largest economy in the world, Japan, experienced a smaller third-quarter decline than previously anticipated, supporting the idea that it is slowly emerging from COVID-19 gloom even as key export markets continue to deteriorate. -Are you interested in learning more about buying NFT tokens? Check our detailed guide- Separate figures reveal that October saw the country's first current account… 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.