Previous USDJPY Weekly Forex Forecast Technical Outlook: USDJPY has moved sharply over the past few days and further gains came after price closed above Wednesday's doji high of 109.76. Price is near the 111.27 resistance level the high from late May 2016. On the 4-hour chart we see a doji close formed and price is seen currently attempting to push higher. Further bullish momentum can be expected on a bullish close above the 4-hour doji high of 111.92 and the resistance at 111.27 needs to be cleared to confirm further continuation. Alternately, if price fails to close convincingly above 111.92 - 111.27, look for a reversal near this zone which could confirm a near term pull back to the support at 106.90 - 106.58. Fundamental Outlook: For the Japanese yen, the week ahead is quiet for the most part with the Japanese markets closed on Wednesday. The major highlight from Japan will be Thursday/Friday inflation report. The BoJ's core CPI has been in a steady decline, but with the BoJ switching to controlling the yields on the JGB's, even another month of weak inflation print will do little to hurt sentiment. With the markets gearing up for a Fed rate hike in December, the yen is likely to weaken in the coming weeks, thus making it a buy on the dips.

USDJPY Weekly Forex Forecast - 21st to 25th Nov 2016 - BULLISH