Technical Outlook: The USDJPY currency pair continued to push higher after price action was seen forming a base near the 105.78 – 105.42 level of support. By Friday’s close, USDJPY was seen testing the major long term trend line. A breakout from the trend line is required in order to establish the upside bias in USDJPY. The major resistance level at 108.43 level is expected to be tested on a successful breakout from the trend line. To the downside, USDJPY is limited in the declines which could see prices retesting the previous support level that has been established.
Fundamental Outlook: Data from Japan for the week ahead is quiet after an eventful week last week following the Bank of Japan’s monetary policy meeting. The preliminary machine tool orders kick off the week followed by the producer price index data later in the data. The PPI figures could have potential implications as expectations start to build that inflation could continue to rise in Japan. On Tuesday, the monetary policy meeting minutes from the previous week’s BoJ meeting will be released. Investors are likely to focus on the data in hopes to gain more clarity on the next policy move from the central bank.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 12th to 16th Mar 2018
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