USD/JPY Forecast Nov. 16-20 – Dollar recovers after election week retreat


Dollar/yen continues to be marked by strong volatility. The pair rose 1.17%, erasing almost all of the losses from the previous week. Japan will release GDP for the third quarter. The forecast is for a gain of 4.4%, after a sharp decline in Q2 of -7.8%.     


Key news updates for USD/JPY


USD/JPY Technical Analysis

107.92 is an important monthly resistance line.

106.66 has held in resistance since the end of August.

105.52 (mentioned last week) is next.

104.11 is a weak resistance line.

103.52 is next.

102.13 has provided support since March.

101.51 is the final support line for now.

USD/JPY Daily Chart

USD/JPY Sentiment

I am neutral on USD/JPY

The Japanese yen posted strong gains last week, but it was more of a case of the dollar’s weakness rather than strength from the dollar. The Japanese economy is limping along, and strong numbers from the US could push the dollar higher.

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