USDJPY Weekly Forex Forecast – 13th to 17th August 2018
Economic data for the week ahead moves to a quiet patch. The preliminary GDP report for the Eurozone will be coming out for the first quarter. This marks a second revised GDP estimate. The initial GDP report showed that the Eurozone economy advanced at a pace of 0.3% in the three months ending June 2018.
Data from the U.S. will see the release of the core retail sales report with other second tier data including the Empire state manufacturing index and the preliminary non-farm productivity cost index. The building permits data is also due over the week including the housing starts. Data from Japan and Switzerland are light with no important events lined up.
Chart set up: The USDJPY currency pair has managed to hold on near the support level of 110.75. price action has remained resilient at this level with any test of the support level here pushing the currency pair slightly higher. In the process, price action has been forming a descending triangle pattern.
Key support/resistance levels:
Support: 110.75; Resistance: 111.55
With the range being maintained, the USDJPY currency pair could remain range bound for a while. The risk of a breakout on either direction is equal. However, the failure to post any significant highs after price action rallied to 113.00 level increases the possibility of a downside. In the event that USDJPY breaks down below the support at 110.75, the descending triangle pattern could be validated. This will push the currency pair lower to the next target level of 109.50. For the week ahead, the USDJPY currency pair is expected to be bearish.
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