USDJPY Daily Forecast Oct 30 2018

USDJPY: Around Critical Resistance!

As long as 111.75/112.35 support holds on a daily closing basis, the USDJPY remains neutral with a risk to the upside, resistance comes at 112.85 level, a break will aim 113.38 level, a halt is likely but above 113.38 aims 113.85 level, further upside, resistance comes at 114.52 level.

On the downside, support comes at 112.35 level, a cut through support will target 111.75 level, If 111.75 fails to hold, the pair will decline further to 111.05 level, next support comes at 110.50 level.

Conclusion: The USDJPY continues to consolidate above 111.75 level…

Support: 112.35, 111.75, 111.05, 110.50

Resistance: 112.85, 113.38, 113.85, 114.52

Key data/events which may affect USDJPY today/tomorrow:

  • The U.S will release data on consumer confidence for Oct at 14:00 GMT. The forecast is to fall to 136.0, from 138.4 in the preceding month.
  • Tomorrow: The Bank of Japan will announce its benchmark interest rate and publish a rate statement. The announcement will be followed by a press conference. The central bank is expected to keep its short-term interest rate target at minus 0.1% and the 10-year government bond yield target at around zero percent at the conclusion of its two-day meeting on Wednesday…Meeting time: Unannounced.