USDJPY Weekly Forex Forecast - 2nd to 6th Oct 2017

USDJPY Weekly Forex Forecast – 2nd to 6th Oct 2017

USDJPY Weekly Forex Forecast – 2nd to 6th Oct 2017

Technical Outlook: The USDJPY has seen making strong gains last few weeks. However, this sharp rally has seen price action stalling near the fresh highs close to 112 – 113 levels. We currently notice a potential rising wedge pattern near the top end of the rally. This would suggest a short term correction in prices. Watch for the resistance level marked at 112.90. A retest to this level will suggest a reversal that could result in a breakout from the rising wedge pattern. To the downside, support at 110.91 will be the most likely target as USDJPY attempts to establish support here via this short term correction.

Fundamental Outlook: Data from Japan this week will see the BoJ’s core inflation data coming out. The BoJ’s meeting last month was a non-event. The Japanese yen is however likely to focus on the broader themes. Last week, the Japanese prime minister announced snap elections, going as far as saying that he would resign if his party does not get a majority. With the stakes high, the Japanese yen is likely to act as a safe haven currency. The snap elections will most likely have a wider impact especially when it comes to dealing with the threats from North Korea.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 2nd to 6th Oct 2017

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