USDJPY Weekly Forex Forecast – 4th to 8th Dec 2017
Technical Outlook: USDJPY continues to remain volatile with last week’s price action showing a range that formed near the 110.91 low and close to the 112.60 level of resistance. The minor support level in between, at 111.76 is seen being tested currently. USDJPY could maintain the range within this support and the upper resistance level formed at 113.00. A breakout from this range will signal further directional bias. To the downside, we expect USDJPY to slip towards the 110.91 level of support once more to establish support more firmly. However, a continued move to the upside from the current level could see 113.00 resistance that could put a cap on prices.
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Fundamental Outlook: Economic data from Japan this week will be marked by some important release. The Bank of Japan’s measure of core CPI will be coming out on Tuesday. Inflation continues to remain weak in the nation and this is expected to keep the BoJ on the sidelines for the near term.Later in the week, the final GDP report will be coming out. Data released previously showed that the pace of economic activity slowed in Japan. However, it was still showing that the economy was continuously expanding. The data is expected to give some relief to policymakers as they battle with weaker inflation.
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