Technical Outlook: USDJPY broke down below 104.27 and extend its gains down to 103.00. Price action is a few pips shy from testing the 102.50 support level. Look for price to consolidate at this level in the near term. There is a risk that the dollar could fall further down to 100.83 – 100.74 support level to the downside. In the short term however, there is scope for USDJPY to retrace back to 104.27 where the resistance level can be challenged. If price gains are capped here, then USDJPY could be looking bearish, re-targeting 102.50 and 100.83.
Fundamental Outlook: The Bank of Japan held monetary policy unchanged at its meeting last week and extended its inflation forecast of reaching the 2% target around 2018. This week, economic data from Japan is mostly second-tier data which includes current account and average cash earnings. The yen is however likely to be more focusing on the risks surrounding the US general elections which could see the yen appreciating further.
USDJPY Weekly Forex Forecast – 7th to 11th Nov 2016 – Bearish
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