Technical Outlook: USDJPY continued to trade flat for the most part with price action seen hovering just below the 114.50 – 114.00 level of resistance. This consolidation is expected to be maintained in the near term. However, the bias to the downside could start to build up as the resistance zone proves hard to break. Support is seen near 113.00 which could be tested in the short term but the downside could be limited to this level. A break down below 113.00 support will however put further declines in store. USDJPY could be seen posting a correction to the next support level formed near 110.91 – 110.66. A breakout above 114.50 will signal a continuation to the upside but with price action trading flat we expect that a short term trend correction is in place.
Fundamental Outlook: The data from Japan also takes a back seat this week following the BoJ’s decision to hold interest rates and its QE program unchanged last week. The Japanese yen continues to consolidation sideways with the trend currently neutral. On the economic front, the average cash earnings will provide some clues on whether wage pressures could translate into higher inflation. Consumer prices in Japan have remain muted despite the massive QE program undertaken by the Bank of Japan. Later in the week, the bank lending data will shed light on the credit markets followed by the preliminary machine tool orders.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 6th to 10th Nov 2017
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