Technical Outlook: USDJPY hit the second target at 112.75 as mentioned last week after the break out from the rising wedge pattern. Price action is still flat on the larger time frame, indicating that trading opportunities will come on the smaller time frames. Expect to see USDJPY post a reversal near 112.75 which will see prices attempt to move the upside, targeting 113.50 and 114.00. Only break out above 114.850 will put further bullish expectations in USDJPY. In the event that USDJPY breaks down below 112.75 then expect to see a move towards 111.50..
Fundamental Outlook: A rather quiet week from Japan following the Bank of Japan’s monetary policy meeting last week. The central bank opted to keep interest rates and its asset purchases unchanged. The Japanese yen was bid last week as the yen strengthened against the U.S. dollar despite the hawkish rate hike from the FOMC.
However, given that the rate hike was well telegraphed and the event priced in, USDJPY slipped as investors booked profits. The week ahead will see the flash manufacturing PMI and the BoJ’s monetary policy meeting minutes. In the U.S. the line up of speeches by Fed officials will take centerstage amid a slow a quiet week.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 20th to 24th Mar 2017
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