USDJPY Weekly Forex Forecast – 11th to 15th June 2018
Technical Outlook: The USDJPY currency pair briefly rallied to a two week high last week testing 110.23 before easing back. The currency pair post losses as it reached the support level near 109.14. However, the consolidation between the price levels of 109.97 and 109.14 is expected to signal a potential breakout. To the upside, if 109.97 is breached, we expect to see the USDJPY rallying to test the next main resistance level at 110.66. To the downside, a break down below 109.14 could signal the currency pair to decline toward 107.77 region.
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Fundamental Outlook: Economic data from Japan this week will see the week overshadowed by the Bank of Japan’s monetary policy meeting. The BoJ’s meeting is scheduled for Friday. No changes are expected from the BoJ after at the previous meeting, the central bank removed the time frame for inflation to reach the 2% target rate. This however brings some uncertainty to investors with the BoJ now having the flexibility to either increase its QE program or to start winding down the stimulus program. Recent activity from the BoJ also showed that it had slowed down its pace of short term bond purchases.