Technical Outlook: USDJPY is seen consolidating into a rising wedge pattern and near the 114.85 support/resistance level. We can expect a near term decline and ideally a retest to 114.85 could be a good level to sell USDJPY targeting the first support level at 113.50 followed by 112.75 lower support. The bearish outlook would be invalidated on a move towards 115.50. USDJPY will be heading into a major busy week with the FOMC and the BoJ meetings lined up alongside the risks from the Dutch elections. Therefore we can expect some volatility on the USDJPY currency pair. Still, expect to see some downside move in prices in the near term.
Fundamental Outlook: The Japanese yen could be volatile in the middle of week as USDJPY will be caught between the U.S. Federal Reserve’s monetary policy meeting on Wednesday and the BoJ’s meeting on Thursday. The Bank of Japan is not expected to make any changes, while the FOMC is all set to hike rates by 25 basis points on Wednesday. The USDJPY could also come under pressure from the Netherlands elections which could also see investors flocking on the yen as a safe haven currency.
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USDJPY Weekly Forex Forecast – 13th to 17th Mar 2017
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i think the BOJ might actually surprise us this week and I plan to be positioned accordingly, i think this is one of the best overlooked opportunities of the week. The european election in france and netherlands i think will be less of an impact and will trade accordingly. Thanks for the commentary.
Nice strategy