USDJPY Weekly Forex Forecast – 15th to 19th Jan 2018
Technical Outlook: USDJPY continued to decline last week with the weaker U.S. dollar seeing the declines accelerate. USDJPY briefly tested the support level at 110.91 after breaking down from the support at 112.07. The declines came following a brief retest of the falling trend line and the failure to breakout from this level. In the near term, USDJPY could be seen consolidating above 110.91 level with a firmer test of support likely to occur. The currency pair could be seen settling into a range once again within 112.07 resistance and the 110.91 support level.
Fundamental Outlook: Economic data from the Japan this week will see reports from the industrial and manufacturing sector. The preliminary and core machine tool orders will be scheduled in the first part of the week. This is followed by the revised industrial production figures later in the week. Overall, the economic data is unlikely to influence the yen much. However, watch for any geo-political developments that could quickly influence the sentiment in the currency.
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USDJPY Weekly Forex Forecast – 15th to 19th Jan 2018
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