Technical Outlook: USDJPY was also range bound, bouncing off resistance at 102.56 – 102.46 and support at 100.80. Price briefly dipped lower and is currently consolidating into a bearish flag continuation pattern. A break down below 100.80 could trigger further downside in USDJPY which could see a decline to 99.88. Alternately, if USDJPY breaks out from the median line and closes above 101.472, then expect the short term rally to retest 102.46.
Fundamental Outlook: After the Bank of Japan proposed new measures to tackle inflation and stoke growth, this week will see BoJ Governor Kuroda speaking on Thursday which will be the main event risk. On Friday, inflation data from Japan will be coming out with forecasts showing that the BoJ’s measure of core inflation might have increased 0.60% on the month, following 0.50% previously.
Price Momentum is pointing up for USDJPY and Stochastic is coming off oversold territory. We think that USDJPY will continue to move upwards this week with the Bulls still looking to have some strength left to push this all the way to test resistance.
USDJPY Weekly Forex Forecast – 26th to 30th Sept 2016 – BULLISH
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