USDJPY Weekly Forex Forecast – 28th Aug to 1st Sept 2017
Technical Outlook: The USDJPY continued to maintain its range bound price action between 109.70 and 109.07. However, there is a potential for the U.S. dollar to break this range. The bias is balanced at the moment and a breakout or a breakdown from the range could establish the near term direction in the currency pair. To the upside, USDJPY will need to break out convincingly in order for price to retest the resistance level at 110.80. To the downside, below 109.07, USDJPY could be seen pushing lower towards 108 levels. The trend lines are likely to serve as dynamic support and resistance levels as a result.
Fundamental Outlook: Data from Japan next week will see the BoJ’s core CPI coming up. No major changes are expected as Japan continues to struggle to revive inflation. Industrial production numbers will be due later in the week while the final manufacturing PMI for August will be coming up on Friday. Manufacturing sector in Japan has been steadily declining for the past three months. However, it has held steady above the 50 handle which suggests continued growth in the sector. Wrapping up the week, household spending and unemployment rate numbers will be released as well marking a rather busy week for the yen.
Previous USDJPY Weekly Forex Forecast
USDJPY Weekly Forex Forecast – 28th Aug to 1st Sept 2017
The post USDJPY Weekly Forex Forecast – 28th Aug to 1st Sept 2017 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment