USDJPY Weekly Forex Forecast – 21st to 25th Jan 2019
The week ahead will see the Bank of Japan holding its monetary policy meeting. The central bank, which has remained on the sidelines for the most part of last year, is expected to keep rates unchanged at -0.75%. The recent rally in the Japanese yen is however expected to see some reactions from the central bank officials. Following the release of the BoJ’s monetary policy statement, Governor Kuroda is expected to hold a press conference as well.
The ECB will also be holding its meeting this week. Given the dovish outlook from the December meeting according to the minutes, the ECB meeting this week could strike a dovish tone. Economic data over the week from the Eurozone will cover the flash manufacturing and services PMI for January ahead of the ECB meeting. Data from the U.S. is relatively quiet. The monthly durable goods orders will be released on Friday with other second tier data such as flash services and manufacturing PMI reports from MARKIT coming out earlier.
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Chart set up: The USDJPY currency pair has been slowly inching higher. Price action managed to recover off the lows near 106.93 as the modestly bullish uptrend has been formed over the past few weeks.
Key support/resistance levels:
Support: 106.93; Resistance: 110.26
The USDJPY currency could be seen testing the resistance level near 110.26. Forming resistance at this level could potentially signal a sideways range if price action cannot breakout any higher. This will keep the USDJPY trading flat within 110.26 and 106.93. There is scope for price to form a minor support between these levels. The USDJPY could be seen turning bullish.
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