USDJPY Weekly Forex Forecast - 12th to 16th Sept 2016

USDJPY Weekly Forex Forecast – 12th to 16th Sept 2016

USDJPY Weekly Forex Forecast - 12th to 16th Sept 2016

USDJPY Weekly Forex Forecast – 12th to 16th Sept 2016

Technical Outlook: USDJPY fell back to test 102.00 – 102.25 as we noted in last week’s report. We expect further declines to continue after the bearish divergence is seen. A retest to 100.75 – 100.80 is therefore very likely although prices are currently trading above the 102.00 – 102.25 support. There is a risk of USDJPY continuing higher, but this could sooner or later result in a large correction to the downside. Therefore, patience will be key in trading USDJPY as 100.8 – 100.75 offers a better level to long from. A close below 99.88 could signal invalidation to the bullish bias.

Fundamental Outlook: A quiet week for the yen, focus will be the US economic data which will be the main catalyst for USDJPY. As speculation for a US rate hike comes into focus, the yen is likely to stay sensitive to US economic data. In particular, the US retail sales and Friday’s consumer inflation figures will be the key economic data to pay attention to.

USDJPY Weekly Forex Forecast – 12th to 16th Sept 2016 – Bearish

Whenever there is a bearish divergence, we take note. It’s a matter of time USDJPY will turn south. This is also almost confirmed by Stochastics as we are now into overbought zone. Although it might continue to move up north, it looks like the bulls might be running out of steam soon. In this week’s directional call, it is likely that USDJPY will head south and let the bears take control. Good luck if you are trading this pair. Comment below to let us know your thoughts…

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