Technical Outlook: The USDJPY currency closed August on a bearish note. The bearish close came following the previous two month's rally which sent the currency pair to a high of 113.17. Most of the price action was largely confined to the 111.49 and 110.08 levels. Last week's rally back to this region was met with declines. This potentially indicates that the USDJPY currency could potentially be looking to post further declines in the near term. The falling trend line marked in red is something to watch out for. The trend line previously held the declines but another retest of this level cannot be ruled out. With the USDJPY breaking past the rising trend line and retesting the breakout level we expect the bias to remain to the downside.. Fundamental Outlook: The Bank of Japan's monetary policy meeting due on September 19 will be the main event to watch as far as the Japanese yen is concerned. With the central bank pushing back on its inflation target at the previous meeting, the BoJ's upcoming meetings are unlikely to bring any big changes. Besides the monetary policy meeting, the final GDP figures for the second quarter will also be released. The Japanese yen could also be susceptible to potential swings based on the market sentiment. Previous USDJPY Monthly and Weekly Forex Forecast