Technical Outlook: The USDJPY currency pair was seen lifting off the support level at 109.97 to test the previously established resistance level at 110.91 – 110.66 region. The rally to this level looks to be a bit overstretched as we expect some short term correction. The declines are likely to send USDJPY back to testing the support at 109.97 and a break out from the rising price channel could signal a further decline back to 109.14. Alternately, to the upside, in the event of a breakout above 109.97, USDJPY could be seen targeting the 111.00 level.
Fundamental Outlook: The economic calendar for the Japanese yen is relatively light after last week’s BoJ meeting. The trade balance figures kick off the week followed by the national CPI readings and the flash manufacturing PMI figures for June. The economic data is unlikely to make a big impact on the currency markets. The overall market sentiment will of course dictate the course of price action in an otherwise quiet trading week.
USDJPY Weekly Forex Forecast – 18th to 22nd June 2018
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