Technical Outlook: USDJPY continued its bullish ascent with prices closing above 112.90 – 113.23 region. In the near term, USDJPY could be seen posting a correction towards the 112.90 – 113.23 level where support could be established in the short term. There are multiple strong levels of support to the downside. The longer term bias remains lower with USDJPY likely to see 110.80 level where support is pending a retest. However, this is only possible on a convincing reversal to the downside. As long as the support at 112.90 – 113.23 holds, USDJPY could remain consolidating above this level. Further continuation to the upside could see USDJPY targeting the 115.00 level where resistance is seen..
Fundamental Outlook: A rather slow week from Japan, data this week includes the economy watchers sentiment due on Monday. Later in the week, on Tuesday, the producer price index data will be released. On a year over year basis, producer prices have increased 2.1% so far. A further increase could send optimistic signals that the consumer prices could also start to turn the corner. The lack of any clear fundamentals from Japan will see investors turn their attention to the U.S. data. The Fed chair, Janet Yellen will be giving her testimony this week which could be crucial for shaping the price action in USDJPY.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 10th to 14th July 2017
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