USDJPY Weekly Forex Forecast – 29th Oct to 2nd Nov 2018
The week ahead will be mixed with the start of a new trading month. Data over the week will see the French flash GDP estimates on Tuesday. The German retail sales report is due along with the EU’s fresh economic forecasts. The preliminary GDP report for the Eurozone for the third quarter will also be on top of investor minds. Flash inflation estimates will also be due from the Eurozone this week.
The Bank of Japan will be holding its monetary policy meeting on Wednesday. No major changes are expected, and the central bank could hold its interest rates unchanged. The meeting will be followed by a press conference by BoJ Governor Kuroda. Data from Switzerland is quiet for the most part this week. The U.S. economic calendar is of course busy. The week starts off with the Fed’s preferred gauge of inflation, the core PCE price index coming out. This is later followed by big ticket items such as the ADP private payroll numbers and the ISM’s manufacturing PMI data. Later on Friday, the monthly payrolls report take center stage once again.
Chart set up: The USDJPY currency pair was seen trading within the support and resistance levels that was formed. The sideways price action within these levels of 112.74 – 111.75 has kept prices flat for almost two weeks.
Key support/resistance levels:
Support: 111.75; Resistance: 112.74
The sideways range is expected to be in place in the short term. A breakout from this range in either direction could however set the stage for the direction. To the upside, a breakout above 112.74 will keep the USDJPY on track to test the previous resistance level at 113.58. To the downside, a break down below 111.75 will push the USDJPY to test the September lows of 110.50. For the week ahead, the USDJPY currency pair is expected to be bullish.
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