Technical Outlook: The USDJPY was seen consolidating near the resistance level of 112.90 for the most past last week. However, with Friday’s downside in price, we expect that USDJPY could post a correction in the near term. Support at 110.91 – 110.66 remains in focus as a decline to this support level will mark a meaningful correction. There is scope for further decline in prices however, on a break down below this support level. The next support is seen at 109.40 which could be tested in the short term. To the upside, with the reversal seen at the resistance level of 112.90, further gains can be seen coming only on a successful retest of 112.90 as support.
Fundamental Outlook: Economic data from Japan will see the current account figures coming out on Monday, followed by the bank lending figures and the producer prices index data. Last week, the Bank of Japan released the Tankan manufacturing surveys which showed that large manufacturers were upbeat on the economy. This is expected to eventually reflect in a possible increase in inflation which the central bank is seen struggling to achieve. The PPI data coming out this week could also help the central bank in indicating whether prices at factory gate will show any signs of increase or not.
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USDJPY Weekly Forex Forecast – 9th to 13th Oct 2017
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