USDJPY Weekly Forex Forecast – 8th to 12th May 2017
Technical Outlook: USDJPY posted a comfortable rally as prices broke past the 111.65 handle last week. The daily charts signal a hidden bearish divergence with the Stochastics printing a higher high against the current lower high in prices. However, the correction could come only on a break down below 111.65. It is advisable to wait on the sidelines and buy the dips in USDJPY. We can expect to see a near term decline towards 110.00 – 110.50 level while to the upside, the long term target remains at 115.00.
Fundamental Outlook: A rather slow week for the Japanese yen with no much of events to focus on. Still the market sentiment could point to a nervous opening on Monday after the French election outcome. As far as economic data is concerned, Japan’s consumer confidence figures are due on Monday while the wage growth data is due out on Tuesday. The average cash earnings could offer some insights into any underlying wage pressures over the month.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 8th to 12th May 2017
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 8th to 12th May 2017
The post USDJPY Weekly Forex Forecast – 8th to 12th May 2017 appeared first on Advanced Forex Strategies.
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