Technical Outlook: USDJPY failed the ascending triangle pattern and instead broke down lower. This will see price falling towards 110.14 – 110.04 support level. Price action could remain consolidating above 110.04 support but the upside is likely to extend lower towards 108.43 which was the previous lows from March this year. However, watch USDJPY as a bounce above 110.51 will possibly signal some upside in price. For the near term, USDJPY is likely to remain supported above 110.04 with further declines coming only on a break down below this support.
Fundamental Outlook: A somewhat busy week from Japan which will see the final GDP numbers for the first quarter. Japan’s economy rose 0.5% on a quarter over quarter basis in the last three months ending December 2016. Expectations call for a confirmation that Japan’s economy expanded 0.6% on a quarterly basis, while the annualized GDP growth rate is expected to rise 2.5%. Besides the GDP numbers other data over the week includes the consumer confidence report, trade balance and current account data.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 5th to 9th June 2017
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