Technical Outlook: USDJPY continues its downside trajectory with prices breaking past the 110.00 support level. The downside decline is expected to keep the bearish momentum going which could see the dollar slide towards the next main support at 104.27. This is a support level that is pending a retest and therefore makes it for a prime target. The lack of any economic catalysts both from the U.S. or Japan puts USDJPY vulnerable to the market sentiment.
Fundamental Outlook: A quiet week from Japan with only the BoJ Governor Kuroda’s speech standing out. Following the BoJ’s speech, the second tier data from Japan will include the flash manufacturing PMI and the trade balance figures. The data is unlikely to bring out any major changes with focus likely to remain on the risk sentiment. Global factors such as the U.S. – North Korea tensions and the Syria strikes will still remain on the forefront.
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USDJPY Weekly Forex Forecast – 17th to 21st April 2017
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