Technical Outlook: The USDJPY currency pair was seen posting some gains last week but price action eased back by Friday’s close. With the support level around 107.01 – 106.85 being tested firmly, we expect to see another decline back to this level. However, there is scope for a strong rebound off this level is the support zone holds the declines. We expect USDJPY to remain supported above this level. In the event that the currency pair fails to establish the support, then USDJPY could be seen declining to the lower end of the support at 105.78.
Fundamental Outlook: Data from Japan this week will start off with the consumer confidence report due on Monday. Later in the week, the preliminary machine tool orders will be coming out followed by the core machinery orders report on Tuesday. It is a relatively light week as far as the Japanese yen is concerned. However, the yen could be seen reflecting the ongoing uncertainty especially in regards to trade pacts between the U.S. and China. The market sentiment is likely to remain cautious and this could reflect in the Japanese yen that could continue to strengthen as the market’s risk appetite wanes.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 16th to 20th April 2018
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