USDJPY – Weekly Forecast 22-26 Jul 2013


No change in my previous posts, fall from 101.52 treated as the second leg of 103.73 consolidations, support is at 98.24, below this level will pave the way towards 97.00 levels ahead of 95.00 levels.

On the upside, resistance is at 101.52, break of this level will flip bias back to the upside for retesting 103.73 levels, break of 103.73 on a weekly closing basis will have large bullish implication towards 111.00 levels.

In all, as long as 103.73 holds on a weekly closing basis, the pair will remain under pressure with risk towards 90.00 levels, If seen, fall from 103.73 is likely to be contained well above 87.30 levels where the strong rise is suggested…

blankHere are the most important events for USDJPY pair next week :

Monday, July 22

The U.S. will release data on existing home sales, an important economic indicator.

Wednesday, July 24

The U.S. will release official data on new home sales, a leading indicator of economic health.

Thursday, July 25

The U.S. will release government data on durable goods orders, a leading indicator of production, as well as the weekly government report on initial jobless claims.

Friday, July 26

Japan will release official data on consumer price inflation, which accounts for the majority of overall inflation.

The U.S. will end the week with revised data on consumer sentiment from the University of Michigan.