Topic: Forex & Commodities Analysis
USD/JPY Weekly Outlook
USD/JPY has been trending lower but is approaching support around the 105 handle. This support area held it higher on two dips over the last two years or so.
I think it is possible that we see a bounce from here. However, the trend is down and so I think there would need to strong confirmation of a turn.
On a rally, I have identified 106.78 as resistance for the week. This level marks the June low and acted as resistance earlier this month which can be seen on the 4-hour chart below.
High Impact events in the upcoming week:
TUE - USD CPI & Core CPI
THU - USD Retail Sales & Philly Fed Manuf