Technical Outlook: The USDJPY weakened significantly last week as price breached past various support levels. The price action by Friday’s close shows that USDJPY is attempting to post a modest recovery. However, this can be validated only on a higher low being formed. Watch for resistance developing near 111.76 level. This could result in a modest decline in USDJPY that could result in a higher low. To the upside, USDJPY will need to clear 111.76 level that will open the price to testing the 113.00 level in the near term. Alternately, a decline brlow the previous lows near the 111.275 level could signal further declines in price.
Fundamental Outlook: Economic data from Japan will see the monthly inflation figures being released on Thursday. Inflation in Japan has remained broadly flat for the most part of this year. The recent decline in lower oil prices is expected to see consumer prices subdued in the economy. Besides the inflation report, the retail sales, housing starts and household spending figures will also be released. The household spending data will be an important release to watch as it could signal early signs of inflation based on whether consumer spending has increased or not. On Friday, the final manufacturing PMI from Japan is expected to show a modest increase in activity in the sector.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 27th Nov to 1st Dec 2017
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