USDJPY Weekly Forex Forecast – 8th to 12th Jan 2018
Technical Outlook: Price action in USDJPY remains broadly range bound in the medium term with price seen trading sideways within the corridor of 113.58 and 112.07. Last week’s rally off the support level saw prices coinciding with the falling trend line connecting the highs of 114.73 from 6 November 2017 and 113.75 highs from 12 December 2017. Price action had previously tested the trend line but price soon reversed. On Friday, we have a similar pattern emerging near the trend line. This could suggest another leg to the downside in USDJPY.
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Fundamental Outlook: Economic data from Japan for the week ahead will focus on the wage growth factor. On Tuesday, the average cash earnings data is expected to come out. The cash earnings report will likely show whether wages are rising. This data could be important as it could potentially influence the outcome of consumer spending and as a result the consumer prices as well. Later on in the week, the bank lending data along with the current account numbers will be released.
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