USD/JPY: Expect High Volatility Next Week: Range & Outlook
USD/JPY forecast for the week of March 14, 2016 The USD/JPY pair went back and forth during the course of the week, but bounced enough to form a bit of a hammer. This hammer of course is a very positive sign, but we do not have any interest in buying from a longer-term until we break above the psychological significance of the 115 level. Above there, we think the market would probably then go to roughly 118 or so. As far selling is concerned, we don’t really have a scenario in which to do so from a longer-term chart.
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USD/JPY could be fairly volatile ahead of the BoJ and FOMC meetings, says BTMU.
"The Fed may not raise the policy rate, and Chair Janet Yellen may also offer hints about the next policy move. The US economy may grow further, even under global deflationary pressure and uncertainty about China’s economy.
One risk may be Yellen’s hawkishness in communication. Such hawkishness could hurt global stock and commodity markets and weigh on USD/JPY.
JPY buying pressure from exporters may build further ahead of the end of the fiscal year. USD/JPY is increasingly likely to drop further at this stage," BTMU argues.
BTMU is neutral on USD/JPY at current levels seeing the pair trading in a 111.50-114.50 in the near-term.