Technical Outlook: The USDJPY currency pair posted declines last week after price action continuously failed to break past the 114.50 level of resistance. The breakdown of the rising trend line saw the U.S. dollar slipping towards 113.00 support level. This support offered little help as USDJPY extended declines below this level. Further downside can be expected with 111.76 coming in as the next level of support. Any short term retracements ahead of the decline to 111.76 will likely see more sellers entering the market. The bias will only shift direction on a breakout above 113.00 which looks unlikely for now.
Fundamental Outlook: Economic data from Japan is quiet with the exception of the all industries activity and th flash manufacturing PMI due later in the week on Friday. The Japanese yen is unlikely to be moved much by the data this week leaving most of the heavy lifting to the technical aspect of things. Last week’s speeches from BoJ Governor Kuroda saw the central bank maintaining its commitment towards its QE program. This is expected to continue until inflation starts to show signs of progress. The lack of macroeconomic details could see the Japanese yen continue to trade flat as a result.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 20th to 24th Nov 2017
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