USDJPY Weekly Forex Forecast – 28th Nov to 2nd Dec 2016
Technical Outlook: USDJPY continued its bullish run and rallied to test the 114.00 price region. Friday’s doji close is an indication that we could see a reversal, however, a daily close below Friday’s low of 112.56 will be the required trigger in this case. Immediate support at 111.27 will be tested but a break below this level could signal near term declines to the support level at 107.00. Alternately, a breakout above 114.00 – 114.50 could see USDJPY rally towards the next resistance at 117.00.
Fundamental Outlook: Data from Japan is relatively quiet with only second-tier market data expected such as retail sales and preliminary industrial production. Focus will therefore shift to the US, which is likely to be a busy week for the US dollar. The week will focus on the monthly private payrolls report coming out on Wednesday. Later in the week, the ISM manufacturing PMI and Friday’s payrolls report will keep the US dollar busy. The broad consensus is for the ISM manufacturing PMI to have risen for the third straight month while the unemployment report is expected to show not much of change from October. Overall, the data is expected to show that the December rate hike will be very likely.
USDJPY Weekly Forex Forecast – 28th Nov to 2nd Dec 2016 – BEARISH
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