The Japanese yen enjoyed its strongest week since June, posting gains of 1.5%. The Dollar/yen broke below the 105 level for the first time since late July. In the upcoming week, we’ll get a look at BOJ Core CPI, which is the Bank of Japan’s inflation gauge of choice. The US releases manufacturing and services PMIs, and Federal Reserve Chair Powell will testify on Capitol Hill. . USD/JPY fundamental mover At the Bank of Japan policy meeting, the Bank of Japan pledged to maintain its ultra-accommodative monetary policy. Although the economy is gripped by a recession, the central bank sounded somewhat optimistic about the economic recovery. In the US, the highlight was the Federal Reserve policy meeting. As expected, the Fed kept interest rates close to zero. Of more interest to investors was the Fed message that it will not raise rates before 2023, under its new inflation target, which allows inflation to overshoot 2% without triggering a rate hike. US retail sales slowed significantly in August. The headline reading dropped to 0.6%, down from 1.2%. Core retails sales came in at 0.7%, down sharply from 1.9%. This points to weakness in consumer spending, which is a key driver of economic growth. See all the main events in the Forex Weekly Outlook Key news updates for USD/JPY Updates: USD/JPY Technical Analysis With USD/JPY dropping sharply, we start at lower levels: 107.29 (mentioned last week) is protecting the 107 level. 106.44 is next. 105.45 has switched to a resistance line after sharp losses by USD/JPY last week. 104.50 was tested in support late last week. It is a weak line. 103.52 has held in support since March. 102.13 is the final support line for now. . USD/JPY Daily Chart USD/JPY Sentiment I remain bullish on USD/JPY With the US economy showing signs of recovery, sentiment towards the US dollar has increased. This could translate into gains for USD/JPY 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 MajorsUSD JPY ForecastWeekly Forex Forecasts share Read Next GBP/USD Forecast September 21-25 – Pound climbs after BoE, Fed decisions Kenny Fisher 2 years The Japanese yen enjoyed its strongest week since June, posting gains of 1.5%. The Dollar/yen broke below the 105 level for the first time since late July. In the upcoming week, we'll get a look at BOJ Core CPI, which is the Bank of Japan's inflation gauge of choice. The US releases manufacturing and services PMIs, and Federal Reserve Chair Powell will testify on Capitol Hill. . USD/JPY fundamental mover At the Bank of Japan policy meeting, the Bank of Japan pledged to maintain its ultra-accommodative monetary policy. Although the economy is gripped by a recession, the central bank sounded… 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.
