USDJPY Weekly Forex Forecast – 9th to 13th July 2018
Technical Outlook: The USDJPY currency pair is showing signs of turning flat near the resistance area of 110.91 – 110.66 level. A continuation to the downside could push the currency pair to test the 109.97 level of support in the near term. Price action in USDJPY remains choppy overall. In the unlikely event that a reversal could push prices above 110.91, then USDJPY is likely to maintain the bullish trajectory targeting 112.00 level. In the near term, we expect the currency pair to maintain its sideways range within 110.66 and 109.97. So be sure to employ a side way strategy that works well with sideways markets. Typically, breakout and momentum strategies will struggle a little bit in this kind of range bound markets.
Fundamental Outlook: Data from Japan this week is light with only second tier reports coming out. The core machinery orders and the preliminary machine tool orders report is due during the early part of the week. This is later followed by the revised industrial production figures coming out later in the week. Japan’s producer price index report is due this week as well and could shed light on the inflation at the factory gate. This comes as the BoJ is expected to make a decision on its monetary policy as inflation continues to remain subdued despite its massive QE program.
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