USDJPY Weekly Forex Forecast – 10th to 14th Sept 2018
The week ahead is expected to be quiet for the most part as far as data from the Eurozone is concerned. The German WPI along with Italian industrial production figures will be some of the reports on the economic front. The main highlight of the week will be the ECB’s monetary policy meeting. The ECB meeting, which is due for Thursday will see no changes to monetary policy. The ECB will be announcing that it would continue with the 15 billion bond purchases which will end in December this year. The euro currency could be seen turning a bit volatile on the event. Data from Japan this week is quiet with only second tier data on the cards. The Japanese yen will of course continue to play out to the market sentiment. The economic data from Switzerland is virtually empty with no notable releases due this week. In the U.S., the week ahead will see the release of the producer and consumer prices report. The data covers the period of August. This is later followed by the retail sales report. The data comes a week ahead of the FOMC’s meeting where interest rates are set to rise.
Chart set up: The USDJPY currency pair continues to trade within the levels of 111.55 and 110.75. Price action started the week around the resistance level and closed the week at the lower end of the range before bouncing back to close inside the range.
Key support/resistance levels:
Support: 11.57; Resistance: 111.55
With price action staying flat, the USDJPY continues to trade sideways with no trend in place at the moment. However, we expect that this sideways consolidation could end soon. In the near term, the USDJPY could be consolidating but a breakout from the level is imminent. To the upside, the next main resistance level at 112.27 remains the next target.
With the FOMC meeting due only the week ahead, the USDJPY could be seen trading to the global themes. To the downside, the currency pair could ease back to the previously established lows at 109.86. For the week ahead, the USDJPY currency pair is expected to be flat.
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