USDJPY Weekly Forex Forecast – 7th to 11th Aug 2017
Technical Outlook: The USDJPY fell strongly below the 110.80 support level. However, price action has failed to test the next lower support at 109.70. The current reversal we see has met with 110.80 serving as resistance. Therefore a bearish close from here on could suggest a near term decline in USDJPY. To the downside, watch for USDJPY to test 109.70 to establish support. USDJPY could remain range bound in the near term within the resistance and support levels mentioned. Further direction could be set only on a breakout from this range. For the moment, the gains are capped by both the resistance and the falling trend line.
Fundamental Outlook: A quiet week from Japan, the main highlights include the leading indicators data due on Monday as well as the current account data. The Japanese yen has remained rather volatile especially on comments from some of the BoJ officials. Therefore, the lack of data is likely to keep the JPY at risk to any further comments over the week. The machinery orders and preliminary machine tool orders are expected as well over the week. On Friday, the U.S. inflation data will be released which will be the key data point for the USDJPY.
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