USDJPY Weekly Forex Forecast – 3rd to 7th April 2017
Technical Outlook: USDJPY is seen attempting to break out to the upside with the descending triangle showing signs of weakness. However, to validate this bullish bias we need to wait for USDJPY to break out above 111.650 support/resistance level. A successful breakout to the upside, followed by a retest of 111.650 as support level will validate the continuation to the upside with 115.00 resistance level coming into focus. Alternately, if USDJPY continues to push lower, then a break below the previous low at 110.00 will trigger further downside, towards 104.00 support.
Fundamental Outlook: A busy week for Japan, this week data will start with the quarterly Tankan manufacturing and non-manufacturing survey. Both the numbers are expected to show a modest improvement from the previous month. Japan’s inflation figures are however expected to show no changes with the BoJ’s gauge of core inflation is expected to show a 0.2% increase in consumer prices, same as the month before. Later in the week, other indicators will include the average cash earnings which could provide some insights into wage pressures if any.
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USDJPY Weekly Forex Forecast – 3rd to 7th April 2017
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