Technical Outlook: The USDJPY currency pair was seen rising higher last week which potentially signals that a bottom was in place. In the near term, we expect to see a gradual decline back to the support level at 105.78 – 105.42 region. A retest of support at this level could signal further upside with the resistance at 108.43 coming into the picture. Alternately, a break down below the support level could keep USDJPY to continue with its consolidation. However, given that the trend line has been breached, we expect the upside momentum to prevail.
Fundamental Outlook: The economic calendar from Japan is light with the week starting off with the final manufacturing PMI data on Monday. Other details over the week includes the Japanese consumer confidence data and household spending report. The average cash earnings will be an important release of note as an increase in wages could potentially foretell higher consumer spending and therefore higher consumer prices. Japan’s inflation rate has been steadily growing albeit at a very slow pace. However, the trend has been largely encouraging for BoJ officials.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 2nd to 6th April 2018
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