USDJPY Weekly Forex Forecast - 24th to 28th April 2017

USDJPY Weekly Forex Forecast – 24th to 28th April 2017

 

USDJPY Weekly Forex Forecast – 24th to 28th April 2017USDJPY Weekly Forex Forecast – 24th to 28th April 2017

Technical Outlook: USDJPY has been relatively flat since the past few weeks but this could change on Monday’s open. In what could be a risk averse trade, USDJPY is at a risk of opening lower on Monday. Note the temporary support level at 108.430 which could be breached. To the downside, USDJPY remains vulnerable towards testing the next support at 104.270, while to the upside, any gains towards 111.650 will be most likely capped. The daily Stochastics is currently in the oversold level and slowly rising. On the weekly time frame we see modest bullish close this week, which could potentially be a spinning bottom. But this can be validated only on a bullish close this week. Therefore, look for a trend continuation on a break out from last week’s high and low range of 109.48 and 108.12.

Fundamental Outlook: The Japanese yen will no doubt remain as traders’ favorite heading into the weekend French elections. However, the Bank of Japan is due to meet on Thursday which could potentially unwind any safe haven positions on the yen. The Bank of Japan is expected to keep monetary policy unchanged at this week’s meeting and could possibly signal that it will continue with bond purchases until the inflation target is met. Besides the BoJ meeting, this week will also see the release of the nation wide and Tokyo CPI numbers including the unemployment data.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 24th to 28th April 2017

 


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