Technical Outlook: USDJPY rallied briefly towards 113.00 resistance level but fell short of testing this resistance level firmly. Price action dipped back lower towards 111.84 and is now attempting another test towards the resistance level. Note that the support at 111.69 – 111.57 was not tested clearly, therefore there is a risk of a decline back to this support level. If USDJPY continues to the upside and hits the resistance level at 113.23 and 113.00, then there is scope for price action to post a reversal back to the support, unless the resistance level is clearly broken.
Fundamental Outlook: Japan starts off with the quarterly Tankan surveys. In the previous quarter (Q2), the Tankan surveys were seen stabilizing. As a result, an uptick in the BoJ’s Tankan surveys could improve sentiment in the market. The Bank of Japan will also be releasing its core CPI data next week. So far BoJ officials have remained muted as far as inflation is concerned. Last month, the BoJ’s core inflation was at just 0.2%, a long way away from the central bank’s 2% inflation target rate. USDJPY will also be influenced by the U.S economic data which includes the ISM manufacturing PMI coming out on Monday.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 3rd to 7th July 2017
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