USDJPY Weekly Forex Forecast – 13th to 17th Nov 2017
Technical Outlook: The USDJPY broke down from the rising wedge pattern and price action is likely to follow through to the downside. We expect the near term declines to test the lower support level near 113.00. Following a test to the support level, USDJPY could be seen consolidating near this level. Watch for lower highs to be formed which could indicate further declines in price. The break down below 113.00 support could signal a decline towards 110.91 – 110.66 support level. This would mark a strong correction to the downside following the rally towards 114.50 level.
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Fundamental Outlook: Economic data from Japan this week will see the release of preliminary GDP figures for the quarter ending September. In the second quarter, Japan’s economy was seen accelerating at a pace of 1.0% on the quarter. This put the annual GDP growth rate to 2.5%. For the third quarter, economists are expecting that the economic momentum might have decreased. Thus, the median forecasts show a 0.3% GDP growth rate. The weaker pace of expansion is expected to pull down the year over year GDP growth rate to 1.4%.
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