USDJPY Monthly Forex Forecast for July 2018
Technical Outlook: The USDJPY currency pair is seen trading near strong levels of resistance both by the trend lines as well as the horizontal resistance levels. This suggests that price action could be easing back in the near term. Currently, the USDJPY is seen being tested by the falling trend line from October 2017. A reversal off this level could see USDJPY finding short term support from the rising trend line. However, we expect the currency pair to fall back lower to 108.76 level of support followed by a possible decline lower to 107.64 over the month.
Fundamental Outlook: The USDJPY currency pair has been broadly ranging for the past month with no clear direction in place. This sideways range is expected to continue into the month of July as well. The Bank of Japan’s monetary policy decision is due this month. No changes are expected but with the recent weak patch of data on inflation, the BoJ could potentially spring a surprise. Still, with the BoJ already extending its QE to the fullest, it is likely that the central bank could surprise by other means.
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