USDJPY Weekly Forex Forecast – 11th to 15th Sept 2017
Technical Outlook: The USDJPY continues to remain weak with most of the gains coming on the back of a stronger yen. Geo-political tensions and weak set of data on the economic front has kept the USD in check as well. Last week, USDJPY broke past the support at 108.43. The breach of this level suggests further declines in the near term. The next main support is found at 107.00 which could be tested. However, the Stochastics has currently printed a higher low and this bullish divergence suggests some near term upside. Still, USDJPY will need to clear the resistance at 108.43 in order to confirm the upside. A breakout above this resistance will shift the bias to the upside in the currency pair which could potentially target the next main resistance level at 110.91 – 110.66.
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Fundamental Outlook: The Japanese yen continued to strengthen with the U.S. dollar weakening on the back of the economic and geo-political tensions. Fresh tensions arose last week as North Korea tested a new missile last Sunday.On the economic front, data included Japan’s revised quarterly GDP was came in 0.6%. The week ahead will see only second tier data from Japan. This includes the producer prices index and the revised industrial production data. Continued skirmishes from North Korea could of course keep the pressure on the USDJPY this week.
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