USDJPY Weekly Forex Forecast – 17th to 21st July 2017
Technical Outlook: USDJPY broke below the support level at 113.23 – 112.98. Any attempts to retrace the losses will likely see this support level turning to resistance. To the downside, the initial support at 111.69 – 111.57 will be tested. A break down below this level could signal further declines to the next major support at 110.80. A reversal off this level could be expected although USDJPY could remain range bound within the 110.80 and 111.69 levels of support and resistance. To the upside, bullish bias can be established only on a breakout above 113.23. In this case, USDJPY could be seen posting strong gains while retaining the bullish bias.
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Fundamental Outlook: With not much of economic data from Japan this coming week, the BoJ’s monetary policy meeting will be the key event for the Japanese yen this week. No changes are expected from the central bank but the BoJ could potentially discuss forward guidance. The markets are currently hawkish on the BoJ and expect to see that the next policy change will be to the upside. This means that there is a potential for the central bank to begin QE tapering rather than continue with expansion. The Japanese interest rates have held steady at -0.10% so far and quite recently the BoJ has begun to charge some foreign investments with the negative interest rate already. All said and done the BoJ’s meeting this week could most likely become a non-event..
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