USDJPY Weekly Forex Forecast – 26th to 30th June 2017
Technical Outlook: USDJPY has failed to break past the resistance level near 111.69 – 111.58 for the most part last week. However, price action has maintained a tight range which suggests a near term breakout. To the downside, USDJPY could be seen testing the support at 110.14 – 110.04 levels, while to the upside, USDJPY could be aiming for 112.98 – 112.23 at the very least. However, for the upside to be established, USDJPY needs to break past the resistance level before aiming for further gains. A convincing daily close above 111.69 is required to establish the upside bias.
Fundamental Outlook: Data from Japan this week will include Sunday’s Tankan manufacturing survey data. This quarterly data will report on the business outlook on the economy in both the manufacturing and nonmanufacturing sectors.Inflation data will also be released this week. The data comes after the Bank of Japan’s monetary policy meeting last week. No changes were made to monetary policy and recent comments from BoJ officials suggested that they were in hurry to tighten monetary policy. Inflation in Japan continues to evade the central bank’s 2% target rate. With falling oil prices, this week’s inflation estimates could remain subdued.
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USDJPY Weekly Forex Forecast – 26th to 30th June 2017
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