Technical Outlook: The USDJPY broke out from the falling trend line and briefly rallied to the resistance level of 110.80. Failure to break past this level saw the U.S. dollar slip back and eventually bounce off the trend line support once again. The potential inverse head and shoulders pattern that we expected has also been invalidated. Still, watch for price action to push to the upside above 109.70. This could potentially keep the U.S. dollar support towards 110.80 resistance level once again. To the downside, the losses are likely to be limited to the current support level of 109.07.
Fundamental Outlook: Economic data from Japan is relatively quiet. The Japanese yen has however remained volatile last week. This theme is likely to run into the coming week as well. Investors have turned bullish on the yen, on account of the broader geo-political themes. The United States stand-off with Korea, the terror attacks in Europe as well as the uncertainty surrounding President Trump’s policy domestically and internationally. The yen is therefore likely to play out to the broader themes this week.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 21st to 25th Aug 2017
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