USDJPY Weekly Forex Forecast – 29th Jan to 2nd Feb 2018
Technical Outlook: The USDJPY finally extended the declines to the downside as price action touched down to the 108.43 support level. Off this level, we could expect to see a modest rebound taking place. USDJPY could remain range bound within the 110.66 resistance and 108.43 support. A breakout from either of these levels will signal the next leg in the direction of the trend. However, the bias is looking to the upside and we expect USDJPY to potentially retest the resistance level at 110.66 – 110.91 level. A breakout above this level could potentially keep USDJPY biased to the upside for further gain towards 112.07.
Fundamental Outlook: Data from Japan this week will focus on the unemployment rate numbers that will be coming out on Monday. The unemployment rate in Japan fell last month to 2.7%. although this was good news for the Japanese economy, the lack of wage pressures saw a muted reaction from the markets. The BoJ is pinning hopes that the shirinking unemployment rate could eventually push wages higher as the labor market conditions become tighter. We will also see some consumption data as the retail sales figures will be released. The BoJ’s measure of core CPI will be coming out on Tuesday and could offer a glimpse into the inflation data for the economy. Later in the week, the final manufacturing PMI numbers will be released..
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USDJPY Weekly Forex Forecast – 29th Jan to 2nd Feb 2018
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