Last week, the experts and the indicators differed regarding USD/JPY . Nonetheless, the summary of their opinions proved quite efficient – resistance was at 123.20, and the pair was moving along the 122.80 during the week, finishing exactly at the set level.
Forecast for the upcoming week.
Summing up the opinions of several dozen analysts from world leading banks and broker companies as well as forecasts based on various methods of technical and graphical analysis, the following can be put forward:
Opinions diverge about USD/JPY – 70% of the experts, backed by the indicators, insist on the pair’s transition to 123.00-124.00 whereas graphical analysis on H4 dissents expressly. It, in turn, shows that USD/JPY should first go down to support at 121.50 and then return to last week’s 122.80. The indicators on D1 also vote for the continuation of the sideways trend.
Roman Butko, NordFX