Technical Outlook: The USDJPY broke the falling trend line last week and also made a brief pullback to retest the breakout level and support at 109.70. Following this move, USDJPY could be looking to test the 110.88 resistance. While further gains can be expected on a breakout above 110.88, USDJPY could still struggle near this resistance level. This could potentially keep USDJPY to post another brief round of declines towards 109.07 region. Such a move will likely see USDJPY forming an inverse head and shoulders pattern with the right shoulder likely to coincide near 109.07. This would also push the bullish bias in USDJPY towards 113.00.
Fundamental Outlook: It is going to be a rather quiet week from Japan with the exception of some economic releases. The final GDP numbers for the quarter will be coming out. In the previous release, data showed that Japan’s GDP was revised from 0.6% to 0.3% on a quarterly basis. Compared to the same quarter a year before, Japan’s GDP was seen at 1%. Despite the rather modest numbers, the GDP data showed that Japan’s economy was expanding for the past five quarters marking an uninterrupted streak of growth in the economy. This is likely to bode well for the yen. Besides the GDP data, the current account data and the final GDP price index numbers will also be something to watch out for.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 4th to 8th Sept 2017
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