USD/JPY was almost unchanged at week’s end. The pair closed slightly above the 110 level. There are 10 events on the schedule this week. Here is an outlook on the major events moving the yen and an updated technical analysis for USD/JPY. US indicators were mixed last week. Housing numbers beat expectations but durable goods orders was weak. GDP posted a lukewarm gain of 0.8%. Fed Chair Yellen kept the door open to a June rate hike. In Japan, inflation levels remain very weak, as Tokyo Core CPI posted a fifth straight decline. do action=”autoupdate” tag=”USDJPYUpdate”/] USD/JPY graph with support and resistance lines on it. Click to enlarge: Retail Sales: Sunday, 23:50. The week kicks off with this key release. The indicator has been struggling, posting four declines in the past five months. In March, the indicator declined 1.1%, within expectations. Little change is expected in the April report. Household Spending: Monday, 23:30. Household Spending is an important consumer spending indicator. Consumer spending remains week, and the indicator has managed just one gain in the past seven releases. The indicator posted a decline of 5.3% in March, below expectations. Another decline is expected in April, with an estimate of -1.0%. Preliminary Industrial Production: Monday, 23:50. The indicator has been alternating between gains and declines. In March, the indicator bounced back with a gain of 3.6%, above expectations. The markets are braced for a decline of 1.4% in the April report. Housing Starts: Tuesday, 5:00. This indicator provides a snapshot of the strength of the housing sector. The indicator posted a strong gain of 8.4% in March, crushing the estimate of -0.5%. Another gain is expected in April, with an estimate of 3.2%. Capital Spending: Tuesday, 23:50. This minor indicator posted a strong gain of 8.5% in Q4 of 2105, within expectations. The estimate for Q1 stands at 1.9%. Final Manufacturing PMI: Wednesday, 2:00. The PMI has posted two consecutive readings below the 50-level, which indicates contraction in the manufacturing sector. In March, the index dropped to 48.2 points, within expectations. The downward trend is expected to continue in April, with an estimate of 47.6 points. Monetary Base: Wednesday, 23:50. Monetary Base dipped in March to 26.8%, compared to an estimate of 29.3%. The forecast for the April report is 27.2%. 10-year Bond Auction: Thursday, 3:45. 10-year bonds continue to post negative returns, and the May yield dipped lower to -0.10%. Will the downward trend continue in the June release? Consumer Confidence: Thursday, 5:00. Consumer Confidence remains at low levels, with readings close to the 40-point level. The indicator dropped to 40.8 points in March, matching the forecast. The downward trend is expected to continue in April, with the estimate standing at 40.4 points. Average Cash Earnings: Friday, 00:00. This minor event measures disposable income levels. In February, the indicator improved to 1.4%, well above the estimate of 0.6%. The forecast for March is +0.9%. * All times are GMT USD/JPY Technical Analysis USD/JPY opened the week at 110.03 and quickly touched a low of 109.08. The pair then reversed directions and climbed to a high of 110.45, as 110.94 held firm in resistance (discussed last week). USD/JPY closed the week at 110.15. Live chart of USD/JPY: [do action=”tradingviews” pair=”USDJPY” interval=”60″/]Technical lines from top to bottom: We start with resistance at 114.55. 113.51 is the next line of resistance. 112.41 was a cushion in the first half of 2014. 111.74 is next. 110.94 was an important support level in February. 109.90 was a cap for much of April. 108.95 was a cushion in May 2006. 107.39 is a strong support line. 106.25 marked the start of a dollar rally in October 2014 which saw USD/JPY move above the 121 line. It is the final support line for now. I am bullish on USD/JPY A rate hike in June by the Fed remains on the table, although a July move is more likely. With the BoJ under pressure to increase monetary easing, monetary divergence could push the yen to lower levels. In our latest podcast we talk stocks, oil and preview the big week. Follow us on Sticher or on iTunes Further reading: For a broad view of all the week’s major events worldwide, read the USD outlook. For EUR/USD, check out the Euro to Dollar forecast. For the Japanese yen, read the USD/JPY forecast. For GBP/USD (cable), look into the British Pound forecast. For the Canadian dollar (loonie), check out the Canadian dollar forecast. For the kiwi, see the NZD/USD forecast 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 NFP Preview: Mind The Revision Gap Yohay Elam 6 years USD/JPY was almost unchanged at week's end. The pair closed slightly above the 110 level. There are 10 events on the schedule this week. Here is an outlook on the major events moving the yen and an updated technical analysis for USD/JPY. US indicators were mixed last week. Housing numbers beat expectations but durable goods orders was weak. GDP posted a lukewarm gain of 0.8%. Fed Chair Yellen kept the door open to a June rate hike. 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