Technical Outlook: The USDJPY currency pair slipped below the 110.91 – 110.66 level of support in the short term. Price action however managed to consolidate near this level as we see price closing back around this support level. The Stochastics oscillator is currently turning bullish and with price at support, we could expect to see some short term rebound in price action. The main resistance to the upside comes in at 112.07 region which could be the target. However, in the event that USDJPY fails to rebound off the current support then we can expect further declines to push the currency pair towards the 110.00 support.
Fundamental Outlook: Economic data from Japan looks to a busy week starting with the BoJ’s monetary policy meeting scheduled for Tuesday. The BoJ had announced a slight taper to its longer date bonds last week. This sent the Japanese yen surging. The BoJ’s meeting will be closely watched as investors look for clues towards potential tightening of the BoJ’s QQE program. Besides the BoJ’s meeting, other economic data over the week will cover the inflation report.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 22nd to 26th Jan 2018
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