From Japan, the BoJ’s inflation report will be coming out. The report comes as consumer prices in Japan remain subdued with the central bank seen being stretched on its monetary policy tools. The economic calendar from Switzerland is light.
Chart set up: As mentioned in last week’s set up, the USDJPY stalled near the highs and eventually posted a strong decline toward the close of the week. With price action now moving back into the rising price channel, we expect to see the correction being followed through.
Key support/resistance levels:
Support: 110.95; Resistance: 111.27
Commentary:
The declines in the USDJPY were sharp and quick. Price action broke past the rising trend line of the price channel which failed to serve as dynamic support. Eventually the USDJPY currency pair closed back within the rising price channel bouncing off the lower trend line of the price channel. In the near term the currency pair could rebound off the current levels to test the breached support at 111.27 where resistance is now expected to be established. For the week ahead, the USDJPY currency pair is expected to be bearish.
USDJPY Weekly Forex Forecast – 23rd to 27th July 2018
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