Technical Outlook: The USDJPY continues to decline at a steady pace following price action failing to breakout above the 112.90 level of resistance that has been established. The downside in USDJPY could see price eventually falling to 110.91 level of support. With the unfilled gap seen close to this level the bias to the downside is strong. However, on the 4-hour chart, the Stochastics oscillator is currently expecting to make a bullish crossover which suggests a near term upside in price. Overall, USDJPY remains range bound within 112.90 and 110.91.
Fundamental Outlook: A slow week from Japan will see no major economic releases that could move the markets. The industrial production figures and trade balance data are the main events coming up this week. Investors will be focusing on the weekend Japanese elections. The snap elections were called by the Japan’s Prime Minister, Shinzo Abe and elections are due to be held on October 22. Abe signaled that he would resign if his LDP party did not win with a majority, raising the stakes. Watch the Japanese yen for any potential reactions as the election draws closer.
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USDJPY Weekly Forex Forecast – 16th to 20th Oct 2017
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