[FOREX TIP] USDJPY Weekly Forex Forecast – 12th to 16th Feb 2018

USDJPY Weekly Forex Forecast – 12th to 16th Feb 2018

Technical Outlook: The USDJPY has been consolidating near the 108.43 level for the past week. As a result, price action as formed a potential head and shoulders pattern near this support. On Friday, price briefly surged back higher off the support. However, watch for a break down in USDJPY at 108.43 as a close below this neckline support could indicate further declines. We expect that the head and shoulders pattern could push USDJPY towards minimum downside target of 107.32. The downside bias will be invalidated in the event that USDJPY closes above the minor falling trend line near 109.40 level.

Fundamental Outlook: Data from Japan this week will start off with Monday’s producer price index. However, amid a slow week from Japan, the preliminary GDP data for the quarter ending December 2017 will stand out. Japan’s economy has gained the momentum and has risen consistently for the past few quarters. The recent signs of inflation in the economy has also been a boost for the policy makers at the Bank of Japan. A better than expansion in Japan’s GDP could potentially stoke speculation of a more hawkish BoJ later in the first quarter of this year.

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USDJPY Weekly Forex Forecast – 12th to 16th Feb 2018

The post USDJPY Weekly Forex Forecast – 12th to 16th Feb 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] EURUSD Weekly Forex Forecast – 12th to 16th Feb 2018

EURUSD Weekly Forex Forecast – 12th to 16th Feb 2018

Technical Outlook: The EURUSD posted a steady decline after price action failed to break past the highs of 1.2496 previously. The decline saw the euro currency falling with price likely to extend the declines to the first target level of 1.2070. In the near term, we expect to see a short term pull back in the EURUSD. Any retracements will likely stall near the resistance level that will be formed at 1.2352 – 1.2331. A reversal at this level will suggest further declines in price and could attract new sellers into the market. In the event that EURUSD breaks past this resistance level the downside bias would be invalidated.

Fundamental Outlook: The week ahead from the Eurozone will see only second tier data coming out for the most part. The week starts off with the EU economic forecasts that will be released by the ECB on Monday. Any hawkish forecasts for the Eurozone’s GDP and inflation could bode well for the euro currency. Later in the week, the second revised estimates on the GDP data will be released. No revisions are expected with the Eurozone economy confirmed to rise at a pace of 0.6% in the quarter ending December. Besides the main data points Italy will also be releasing the GDP numbers including Germany.

Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast – 12th to 16th Feb 2018

The post EURUSD Weekly Forex Forecast – 12th to 16th Feb 2018 appeared first on Advanced Forex Strategies.

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via CoinDesk