USDJPY Weekly Forex Forecast – 15th to 19th May 2017
Technical Outlook: USDJPY has failed to capitalize on the gains above 114.00 and eventually reversed to close lower on Friday, following up from Thursday’s declines as well. Price action is now close to testing the initial support at 113.025 which could offer some support in the near term. Watch the Stochastics on the 4-hour chart which is currently showing a hidden bullish divergence with a lower low while price is making a higher low. A reversal at 113.025 will signal a continuation to the upside. However, in the event of a break down below 113.025, expect further declines in USDJPY that could push the currency pair lower towards 111.65.
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Fundamental Outlook: Data from Japan this week will see the first quarter gross domestic product (GDP) numbers coming out. Expectations point to a 0.4% quarterly increase in the GDP while the annualized GDP growth rate is expected to rise 1.8%, up from 1.2% previously. Besides the GDP numbers, industrial production figures is expected to show a continued expansion for April as well. Machinery tools orders are expected to rise 2.5% on the month which is expected to push the yearly rate to 1.2%.
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