Technical Outlook: USDJPY failed to breakout any lower from the bearish flag pattern which currently stands invalidated. However, in the process, price action has formed a potential ascending triangle pattern with the resistance formed at 111.93 region. A breakout above this level will signal a move towards 112.97 which marks the 161.8% Fibonacci extension level. This level also coincides as a resistance level that previously served as support. The bullish bias is invalidated in the event that USDJPY breaks down below 111.90. In this case, USDJPY could be seen slipping towards the lower support at 110.15.
Fundamental Outlook: A rather busy week from Japan as data turns to the inflation figures and latest monthly manufacturing activity. Japan’s household spending numbers are coming up on Monday followed by the unemployment rate which was recorded at 2.8% last month. The data is followed by the retail sales numbers as well. Combined, the health of consumer spending is likely to shed light on whether there has been any increase in consumer price index. On Tuesday, the Bank of Japan will be releasing its core CPI figures as well. The new trading month that starts on Thursday will see the manufacturing activity numbers for the month of May which slipped to 52.0 in April, down from 52.7 the month before.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 29th May to 2nd June 2017
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