Technical Outlook: USDJPY continues to break higher ground with Friday’s price action showing the dollar rising above the 115.00 resistance level. However, this strong rally has been somewhat superficial which could signal the risk to the downside. Look for USDJPY to close below 114.50 – 114.00 level which will signal a correction towards 111.27 followed by a larger dip to 107.00 – 106.00. To the upside. If price continues to push higher, look for the next resistance level at 116.80 which will most likely hold out the gains pushing USDJPY lower to 111.275.
Fundamental Outlook: A slow week from Japan with only the Tankan surveys scheduled for the manufacturing and nonmanufacturing sector. This clearly puts the focus on the U.S. where the Fed is ready to announce a 25 basis point rate hike. With the markets pricing in this since early November, the market reaction could be mixed. The yen had strengthened last year after the fed hiked rates and this will be something that will remain on trader’s minds this week. Besides the FOMC meeting, other U.S. data includes the monthly retail sales and inflation report coming out over the week.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 12th to 16th Dec 2016 – Bullish
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