USDJPY Weekly Forex Forecast – 19th to 23rd Nov 2018
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The economic calendar for the week ahead is expected to remain broadly quiet. Data from the Eurozone will focus on the ECB’s monetary policy meeting minutes. The minutes cover the recently held ECB meeting in October when the central bank cut its QE purchases to 15 billion euro. Economic data will cover the release of the flash manufacturing and services PMI including final third quarter GDP report from Germany.
Data from Japan and Switzerland are quiet with only the national core CPI rate due from Japan. The data from the U.S. will see the durable goods orders report coming out following by building permits and housing starts data. The markets are expected to remain slightly volatile due to the Brexit concerns. This could spark a bid to safety that could push the yen and the Swiss franc higher during the week.
Chart set up: The USDJPY currency pair extended declines after failing the support at 113.58. This came as the USDJPY failed to break higher. The close below the support level promptly pushed the USDJPY lower to test the next support area of 112.74 which is currently seen holding the declines.
Key support/resistance levels: Support: 112.74; Resistance: 113.58
As the USDJPY is seen bouncing off the support at 112.74, price action could be somewhat muted in the coming week. The established range is likely to see the USDJPY maintaining a flat price action in the coming week. However, in the event of a breach of the support at 112.74, price action could potentially dip lower. To the upside, the gains are limited to the resistance area of 113.58 which could be tested in the near term. A retest of resistance here could potentially confirm further downside price action in the USDJPY currency pair. For the week ahead, the USDJPY currency pair is expected to be flat.
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