Technical Outlook: The USDJPY currency pair posted strong gains on the back of a weaker Japanese yen. Price action touched a two month high at 109.14 before easing back on the day. With the current consolidation taking place near the highs, we expect to see a correction in price action in the near term. The main support level at 107.78 – 107.64 is most likely to be tested in the near term unless USDJPY manages to post a fresh high above 109.14. The 4-hour Stochastics oscillator a bit overstretched validating this view.
Fundamental Outlook: Following a busy week that concluded which saw the Bank of Japan’s monetary policy meeting, the week ahead is quiet as far as data from Japan is concerned. The Tokyo markets are closed on Monday which makes it a short and a quiet trading week. Still, the Japanese yen may be influenced by the global themes that could reflect the overall investor sentiment in the markets. The Japanese yen will also be influenced by the FOMC meeting due this week. No changes to interest rates are expected at this week’s meeting.
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USDJPY Weekly Forex Forecast – 30th April to 4th May 2018
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