USDJPY Weekly Forex Forecast – 12th to 16th Feb 2018
Technical Outlook: The USDJPY has been consolidating near the 108.43 level for the past week. As a result, price action as formed a potential head and shoulders pattern near this support. On Friday, price briefly surged back higher off the support. However, watch for a break down in USDJPY at 108.43 as a close below this neckline support could indicate further declines. We expect that the head and shoulders pattern could push USDJPY towards minimum downside target of 107.32. The downside bias will be invalidated in the event that USDJPY closes above the minor falling trend line near 109.40 level.
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Fundamental Outlook: Data from Japan this week will start off with Monday’s producer price index. However, amid a slow week from Japan, the preliminary GDP data for the quarter ending December 2017 will stand out. Japan’s economy has gained the momentum and has risen consistently for the past few quarters. The recent signs of inflation in the economy has also been a boost for the policy makers at the Bank of Japan. A better than expansion in Japan’s GDP could potentially stoke speculation of a more hawkish BoJ later in the first quarter of this year.
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