Technical Outlook: The USDJPY currency pair was seen gradually posting gains. After price action closed above the support level near 107.014 – 106.85, the U.S. dollar maintained the gains. We expect this momentum to eventually push prices to test the upper resistance level at 108.43. However, with the Stochastic oscillator on the 4-hour chart currently in the overbought levels, we expect a modest correction. Any declines would be limited to the support level at 107 region. In the event of a breakout below this level USDJPY could be seen pushing lower toward the 105.80 level.
Fundamental Outlook: Data from Japan this week will see the release of the flash manufacturing PMI numbers. This is followed by the Bank of Japan’s core CPI data. A continued uptick in inflation could potentially sit well with the BoJ officials as they meet later in the week on Friday. The Bank of Japan is expected to hold its monetary policy unchanged although there could some change to the language. Some of the BoJ officials were already seen expressing their views that monetary policy could be tightened even though inflation remains below the BoJ’s 2% inflation target rate.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 23rd to 27th April 2018
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