USDJPY Weekly Forex Forecast – 20th to 24th August 2018
The economic calendar for the week ahead is slightly busy marked by some key releases that could dominate the headlines. Both the ECB and the Federal Reserve will be releasing the meeting minutes this week. The minutes cover the central bank meetings held in August. No changes were made by either central banks. Economic data over the week will cover the final GDP numbers for Germany covering the second quarter. Elsewhere, the flash manufacturing and services PMI reports will be released for the U.S. and the Eurozone for the month of August. The annual Jackson Hole symposium is also scheduled to be held this week. Investors will be closely looking at any important comments from central bankers at the event. Economic data from Switzerland is quiet.
Chart set up: The USDJPY closed last week with a doji candlestick pattern. Overall, price action remains in a consolidation phase for the most part. The USDJPY currency pair is seen trading mostly around the 111.55 and 110.75 levels of support and resistance.
Key support/resistance levels:
Support: 100.50; Resistance: 110.50
The newly identified falling price action is expected to show that further declines in the USDJPY currency pair are likely. Following the consolidation around 110.75 level, we expect this price level to turn to resistance. This leaves the downside toward 109.50 where support is likely to be established within the falling price channel.
In the event that USDJPY manages to breakout above the resistance level of 110.50, then the falling price action is likely to be breached. An upside breakout from the price channel will trigger the bullish trend once again. For the week ahead, the USDJPY currency pair is expected to be bearish.
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