Technical Outlook: The USDJPY currency pair was seen trending lower last week following a brief retest back to the previous resistance level near 110.66. The declines near the support level of 109.97 indicate that the currency pair could be seen posting further losses in the near term. The lower support at 109.14 remains the most likely target on a convincing close below the support level. To the upside, the currency pair is expected to remain within the range of 110.66 and 109.97 levels of resistance and support.
Fundamental Outlook: Economic data from Japan this week covers the inflation numbers. The figures come as the Bank of Japan had kept interest rates unchanged just a few weeks ago. This came as the central bank acknowledged that inflation expectations remained flat. The Tokyo core CPI and the BoJ’s core CPI numbers will be crucial for the markets as they anticipate the next policy move from the central bank. The unemployment numbers and preliminary industrial production figures are also expected this week.
USDJPY Weekly Forex Forecast – 25th to 29th June 2018
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