USDJPY Weekly Forex Forecast – 14th to 18th Aug 2017
Technical Outlook: The sentiment in the USDJPY deteriorated, largely on account of the investor risk appetite fading on the back of the North Korea tensions. The breakdown of the support at 109.70 gave way to further declines in the USDJPY. Price action was seen slipping back to retest the lows from 13 June near 109.07. However, we could anticipate a base forming out at this level. Mind the falling trend line which could be breached. Look for USDJPY to clear the near term resistance at 109.70 following which we could expect further gains after the trendline is broken. Resistance at 110.80 will be the immediate target for USDJPY.
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Fundamental Outlook: It is a rather quiet week from Japan. Most of the economic data will be coming out on Tuesday and Wednesday. The revised industrial production numbers will be coming up first followed by the trade balance data. Most importantly however, the ongoing political situation between North Korea and the United States will likely remain a key factor. Due to the fact that the Japanese yen is seen as a save haven currency, any developments on this aspect over the coming week could keep the USDJPY fairly volatile.
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