USDJPY Weekly Forex Forecast – 23rd to 27th Oct 2017
Technical Outlook: The USDJPY continues to remain in a consolidation mode by by Friday, the yen was seen weakening. This came ahead of the weekend elections in Japan where PM Abe is expected to win another term. However there are still some downside risks as price could be seen falling back below the 112.90 handle. In this case, USDJPY could be seen moving back into the familiar range of 112.90 and 110.91 levels. To the upside, if price action continues with the bullish momentum, then watch for support to be established at 112.90 level following which further gains can be validated for a minimum target of 114.00.
Fundamental Outlook: Data from Japan is limited in scope this week. The flash manufacturing PMI data is expected earlier in the week followed by the Tokyo and the National core CPI figures coming out mid-week. With the data being limited, focus turns to the snap elections that are being held over the weekend. The status quo is expected to be maintained as the incumbent Shinzo Abe is expected to win. However, questions remain on whether Abe’s party will be able to consolidate its power. In terms of economic repercussions, the status quo is expected to be maintained if Abe wins the elections.
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USDJPY Weekly Forex Forecast – 23rd to 27th Oct 2017
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