USDJPY Weekly Forex Forecast – 30th Oct to 3rd Nov 2017
Technical Outlook: The USDJPY has managed to gradually push higher. However, the resistance near 114.00 – 114.50 is proving to be tough to breach. Therefore, we expect USDJPY to post some declines in the near term. The most ideal downside target will be near 113.00 price handle. This comes due to the confluence of both the horizontal support level as well as the rising trend line. Price action is expected to remain limited for the moment. However, expect steeper declines to 110.91 if USDJPY breaches this initial support level that will be tested for the first time. Previously 113.00 served as resistance and the gradual breach of this resistance level will now see a test of support. Expect further gains only on a successful test of the support level, failing which USDJPY could either risk some declines or stay range bound at the levels.
Fundamental Outlook: The new week will put focus on the Bank of Japan’s monetary policy meeting this week that is due to be held on Tuesday. Following the re-election of Prime Minister Shinzo Abe, the BoJ is expected to maintain its monetary policy unchanged. In the last month’s meeting, the BoJ had remained doubtful on the inflation forecasts. No changes are expected with the BoJ’s meeting likely to remain on the sidelines at this week’s event. Besides the BoJ’s meeting, other key data points this week includes the BoJ’s core CPI data and the final manufacturing PMI.
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USDJPY Weekly Forex Forecast – 30th Oct to 3rd Nov 2017
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