Summing up the views of several dozen analysts from leading banks and broker companies and forecasts based on different methods of technical and graphical analysis, the following can be put forward: a seven-week pennant
on the USD/JPY
chart leaves both analysts and all the tools of technical analysis
puzzled. Nonetheless, 33% of the analysts as well as indicators on H4 still have a faint hope that USD/JPY
will rise to 121.20 at least. Alternatively, 33% of the analysts expect the pair to fall to around 1.1850, and the remaining third just shrug their shoulders, which doesn’t qualify as a forecast in any way.
Roman Butko, NordFX