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USD/JPY: forecast for Oct. 30 - Nov. 3
Higher US yields helped the US dollar to strengthen versus the Japanese yen during the past week.
The Bank of Japan will meet on Tuesday. No changes in its monetary policy are expected. As a result, main drivers for USD/JPY will once again come from the United States. Traders are waiting for Donald Trump to name a candidate for the position of the Federal Reserve’s next chief. US GDP growth in the third quarter turned out to be higher than expected – 3% vs. the forecast of 2.6%. In addition, there will be a lot of news releases in America.
USD/JPY failed to get much higher during the past week. Resistance at 114.30 limited the upside, but at the same time it managed to stay above support at 113.50. Next support is at 112.80 and 111.70. Further dynamics will depend on how the pair breaks out of this range. Technical outlook is between neutral and positive. The pair has lost the previous bullish momentum, but the technical setup is still positive. Above 114.30 we’ll focus on 115.00 and 115.50.
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Let’s consider the most important events for the upcoming days.
The most significant event today is the release of the average earnings index for Great Britain at 11:30 MT time.
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The market will be mostly driven by the risk-on sentiment after the positive news on trade negotiations between the US and China. Let’s consider the key levels for AUD/USD and AUD/NZD.