Fundamental view:

During the last week there was US presidential elections, a FOMC meeting, and of course the Non-Farm Payroll numbers created negativity for the pair and the pair fell to 103 levels. Japan Final Manufacturing PMI on 2^nd November and US Wards Total Vehicle Sales on 3^rd November created a bearish trend for the pair whereas US ISM Manufacturing PMI on 2^nd November and US Final Services PMI on 4^th November created bearish trend for the pair.

Stimulus is coming out of the United States, and the election mess is still in the air to make or break the market trend.

The major economic events deciding the movement of the pair in the next week are BoJ Summary of Opinions at Nov 09, US JOLTS Job Openings at Nov 10, OPEC Monthly Oil Market Report, Fed Governor Quarles Speech at Nov 11, BoJ Corporate Goods Price Index monthly report, US Initial Jobless Claims at Nov 12, and US PPI monthly report at Nov 13.

USD/JPY Weekly outlook:

Technical View:

Last week’s high was 0.28% higher than the previous week. Maintaining high at 105.34 and low at 103.17 showed a movement of 217 pips.

In the upcoming week we expect USD/JPY to show a bearish trend. The currency pair is trading below the 200 Simple Moving Average and the MACD trades to the downside. A solid breakout below 102.54 may open a clean path towards 101.77 and may take a way down to 100.38. Should 104.71 prove to be unreliable resistance, the USDJPY may raise upwards 106.11 and 106.88 respectively.  Chart formation of Inverse bearish A-shark pattern in H4 chart favors prospects of a bullish trend Along with a bearish spinning top formation braces our expectation.