[FOREX TIP] USDJPY Weekly Forex Forecast – 27th Feb to 3rd Mar 2017

USDJPY Weekly Forex Forecast – 27th Feb to 3rd Mar 2017

Technical Outlook: USDJPY slipped back into the support level at 112.50 – 112.00 region. With the Stochastics on the 4-hour chart also in the oversold level, we can anticipate a modest bounce to the upside. Resistance remains strong at 114.00. Tactical long positions could be taken off the current level, targeting 114.00 and also positioning for the long term towards 118.00 as there is a potential for an inverse head and shoulders pattern that could be taking shape. Watch out for the neckline support near 115.26 – 114.72 where a breakout above this level could mean further gains in store. In terms of risk, the long position would be invalidated on a close below 111.50.

Fundamental Outlook: Data from Japan this week wil linclude the CPI figures which is expected to show another month of disappointing headline numbers from the region. Japan’s retail sales due on Monday is expected to show a 1.0% increase, expanding from the 0.7% increase seen previously. Manufacturing PMI numbers are also expected this week and data is expected to show a modest improvement from 53.5 to 53.6. For the most part USDJPY will be focusing on the developments from the U.S. which will see the Fed Chairwoman, Janet Yellen speaking on Friday among other FOMC members. The speeches will be important as it comes two weeks before the March FOMC meeting and could offer clues on the prospects of a rate hike.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 27th Feb to 3rd Mar 2017 – Bullish

 

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[FOREX TIP] EURUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017

EURUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017

Technical Outlook: EURUSD has posted declines for three consecutive weeks so far with price action hovering near the 50% mark at 1.0584 from the lows of 1.0340 from 03 January and the highs of 1.0828 from 02 February. On the 4-hour chart, EURUSD is seen consolidating within a potential descending wedge pattern. Watch for EURUSD to dip towards 1.0520 where support could be established. A reversal here could signal a bounce back to the upside towards 1.0600 followed by 1.0670.

Fundamental Outlook: Data from the Eurozone this week will see manufacturing PMI numbers for the month of February. Last week, flash figures showed that manufacturing sector maintained its bullish pace of expansion, which if confirmed this week will see the recovery in the Eurozone continue to push along. This week will also see the release of the flash inflation figures but no changes are expected with headline inflation expected to remain at 1.8% and core CPI at 0.9%, unchanged from the previous month. However, U.S. data will also be key for the EURUSD this week as U.S. President Trump will be speaking on Tuesday, addressing the U.S. Congress. Traders are expecting to hear the President discuss about the proposed tax reforms and infrastructure spending.

Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017

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[FOREX NEWS] Hesitant to Short EUR Into French Elections; Short USD/JPY Preferable – Nomura

France is going to the polls in the Spring, and opinion polls are taking their toll on the euro. What currencies should we trade? Here is their view, courtesy of eFXnews: We have been doggedly bearish on the dollar since the start of the year, but we have been avoiding buying the euro for concerns that the [...]

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