Technical Outlook: USDJPY has broken the falling trend line last week and prices were seen testing 114.00 support/resistance level. There is scope for prices to slide lower in the near term following the higher high in the Stochastics and the lower high in prices. This could mean a potential decline back to the 113.00 – 112.50 support zone. But the downside should be limited in the near term as USDJPY could be seen forming a base here. Watch for a breakout above 114.00 after support is tested at 112.50 – 113.00 for a bullish continuation towards 118.00.
Fundamental Outlook: A busy week from Japan, data will be focusing on the BoJ’s core CPI data due on Tuesday followed by Wednesday’s final quarterly GDP figures which is expected to show a 0.4% increase.. The USDJPY is however likely to focus on data from the U.S. which will include Wednesday’s ADP private payrolls data followed by Friday’s nonfarm payrolls which could be a strong report as wages are expected to rise 0.3% and the U.S. unemployment rate is expected to fall to 4.7%.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 6th to 10th Mar 2017
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