{"id":105207,"date":"2020-09-23T21:37:47","date_gmt":"2020-09-23T20:37:47","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=105207"},"modified":"2020-09-24T06:24:11","modified_gmt":"2020-09-24T05:24:11","slug":"104428-usd-jpy-forecast-downside-capped-on-strong-usd","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104428-usd-jpy-forecast-downside-capped-on-strong-usd\/","title":{"rendered":"USD\/JPY Forecast: Downside capped on strong USD"},"content":{"rendered":"<ul>\n<li><strong>Data revealed that the Japanese economy is losing steam<\/strong><\/li>\n<li><strong>US Federal Reserve Chair Jerome Powell to testify to Congress.<\/strong><\/li>\n<li><strong>USD\/JPY trades close to the 50% retracement of its latest daily decline<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">US Dollar remains in favour in risk off trading, ascending even against safe haven gold. The USD\/JPY is stabilising at 104.50; both currencies in the pair are considered safe havens.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Equities are rebounding. European bourses are trading +2.0% and US futures are also trading on the front foot. The impact of covid is being reflected in European macro data which showed slower than expected growth<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Japan returns following a public holiday with the publishing of the preliminary September Jibun Bank Manufacturing PMI. The manufacturing sector PMI printed at 47.3, in line with forecasts and a tick up from August\u2019s 47.2<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Japan\u2019s All Industry Activity Index for July was up 1.3%. However, this was short of the expected 3.3% increase.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BOJ\u2019s Kuroda said that the local economy is showing signs of improving, he added that the central bank could extend the deadline for support to pandemic-hit firms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the US session, US PMIs for September will be released. Manufacturing output is forecast to be 53.2 up from 53.1 in August. Services activity is expected to see growth momentum slow printing at 54.7 down from 55.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0Also, US Federal Reserve Chair Jerome Powell will testify on the economic impact of COVID-19 before the House Select Committee. He is not expected to add anything new to what he said earlier in the week.<\/span><\/p>\n<p><strong>USD\/JPY near-term technical outlook<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The USD\/JPY trades below the 50% retracement of its latest daily drop at 105.10. The pair trades above its 20 sma on the 4-hour chart losing some bullish strength and consolidating around 104.50. Technical indicators are positive but with slowing bullish momentum. The downside potential is limited given the strong dollar, gains will be dependent on the US markets\u2019 behaviour.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Data revealed that the Japanese economy is losing steam US Federal Reserve Chair Jerome Powell to testify to Congress. USD\/JPY trades close to the 50% retracement of its latest daily decline US Dollar remains in favour in risk off trading, ascending even against safe haven gold. The USD\/JPY is stabilising at 104.50; both currencies in [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5306,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2675,1381],"tags":[2673,1398,3168],"class_list":{"0":"post-105207","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-jpy","8":"category-usd","9":"tag-jpy","10":"tag-usd","11":"tag-usd-jpy"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/JPY Forecast: Downside capped on strong USD - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/104428-usd-jpy-forecast-downside-capped-on-strong-usd\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104428-usd-jpy-forecast-downside-capped-on-strong-usd\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104428-usd-jpy-forecast-downside-capped-on-strong-usd\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"USD\\\/JPY Forecast: Downside capped on strong USD\",\"datePublished\":\"2020-09-23T20:37:47+00:00\",\"dateModified\":\"2020-09-24T05:24:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104428-usd-jpy-forecast-downside-capped-on-strong-usd\\\/\"},\"wordCount\":315,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104428-usd-jpy-forecast-downside-capped-on-strong-usd\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100871-gbp-usd-referendum-optimism.jpg\",\"keywords\":[\"JPY\",\"usd\",\"usd\\\/jpy\"],\"articleSection\":[\"JPY\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104428-usd-jpy-forecast-downside-capped-on-strong-usd\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104428-usd-jpy-forecast-downside-capped-on-strong-usd\\\/\",\"name\":\"USD\\\/JPY Forecast: Downside capped on strong USD - 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