The USDJPY rebounded last week , broke above the 107.50 levels , will rebound resume or it will be ended around current level ?!!! let’s highlight critical data which may influence USDJPY pair this week :
Monday , Oct 27 2014
- US will release its report on Pending Home Sales (MoM).
Tuesday , Oct 28 2014
- US will release its data on Core Durable Goods Orders (MoM) (Sep) , later on the day , US will release another data on CB Consumer Confidence (Oct).
Wednesday , Oct 29 2014
- From U.S , we have Fed Interest Rate Decision .
Thursday , Oct 30 2014
- US will release its weekly report on Initial Jobless Claims , at the same time we have the high importance US GDP (Q/Q) (Q3).
- From Japan , we have National Consumer Price Index (YoY) (Sep).
Friday , Oct 31 2014
- (Bank of Japan) Interest Rate Decision & Press Conference.
Events will be discussed during the week …..
Technical Outlook :
Outlook in USDJPY has turned neutral with possible risk to the downside , support comes at the 107.52 levels , sustained trading – weekly closing below this level will turn outlook again to the downside , the 104.18 levels , a halt is likely , but losing the 104.18 levels would open 102.23 levels , at this point I’d expect strong support from the 102.23/104.18 levels to contain fall from 110.08 levels and bring rebound .
On the upside , stability above the 107.52 levels could push the pair towards the 110.08 levels , however ; to restore the upside offensive , 110.08 should be taken out on a weekly basis , otherwise risk will remain neutral with risk to the downside..
In all , the pair is likely to consolidate within 107.52/110.08 levels , above the 110.08 levels will restore the upside momentum and open 112.30 levels , while below 107.52 will resume fall from 110.08 levels towards the 104.18 levels.
conclusion : The pair is neutral , both sides are suggested , pay attention to news this week , positive data could push the pair towards the 110.08 levels while negative data will keep 110.08 intact !