USDJPY Weekly Forex Forecast - 11th to 15th Dec 2017

USDJPY Weekly Forex Forecast – 11th to 15th Dec 2017

 

USDJPY Weekly Forex Forecast – 11th to 15th Dec 2017

Technical Outlook: The USDJPY managed to break past the resistance level at 113.00 last week. This came as the U.S. dollar opened higher on Monday. The initial failure at the resistance saw the USDJPY paring gains to fill Monday’s gap. Following this retracement, USDJPY closed above 113.00. This suggests that in the near term, further gains in USDJPY will see price rising to the 114.50 level of resistance. Support is most likely to be formed near 113.00 level. This level could attract a lot of buyers into the market as USDJPY will be potentially aiming for 114.50 level.

Fundamental Outlook: Economic data from Japan will see the release of the quarterly Tankan manufacturing and non-manufacturing index data. This quarterly report sheds light on the business outlook for the coming months. In the previous quarter, the surveys held by the Bank of Japan showed a modest improvement on both manufacturing and non-manufacturing sector. The expectation is for activity to have been steady near these levels. Japan’s producer price index data is also expected to be released this week besides the industrial production numbers.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 11th to 15th Dec 2017


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