USD/JPY Weekly Forecast: The view ahead is the same as the view behind

7/30/2021 12:53:39 PM GMT
Prospect of higher US interest rates fade on weak data, Fed dovishness.
USD/JPY loses 110.00 on Tuesday, stays below on Friday.
Technical considerations dominate near-term USD/JPY action, bias weakly lower.
FXStreet Forecast Poll expects a near term decline.
Prospects for higher US interest rates faded further as poor economic data reinforced the Fed’s cautious view and confirmed the retreat of Treasury yields since the June 16 meeting.  
The USD/JPY lost altitude on the week, but trading easily remained within the range of the last two months. With weak US statistics and stationary monetary policy, there was no compelling reason to buy the pair and with positive Japanese input absent. There was no substantial logic for selling either.

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