USDJPY Weekly Forex Forecast – 19th to 23rd June 2017
Technical Outlook: USDJPY broke past the resistance level at 110.14 – 110.04 and managed to push higher. However, price action is seen reversing the gains just below the 111.57 – 111.69 resistance level. In the near term, the declines could see USDJPY slip towards 110.14 – 110.04 support level which previously served as resistance. Establishing support here could signal a continuation to the upside with the potential for price action to test the resistance level of 111.57 – 111.69. A breakout above this resistance level will see a continuation towards 113.00.
Fundamental Outlook: From Japan, the economic calendar is comprised of some forward looking economic indicators. The flash manufacturing PMI is due on Friday while earlier in the week, the BoJ will be releasing its monetary policy meeting minutes. Last week, the BoJ opted to leave interest rates and QE unchanged, at -0.10% and 80 trillion yen respectively. The central bank gave a slightly upbeat tone on the GDP, but remained subdued on inflation forecasts. For the most part, USDJPY will be driven by a number of Fed speeches that are due next week.
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