The forecast for USD/JPY turned out correct only in terms of the trend direction. Both indicators and graphical analysis implied some advantage for the bears but no one expected that it would be so big – instead of the expected 70-100 points, the dollar lost all 300 points.
Forecast for the coming week.
Summarizing the views of several dozen analysts from world leading banks and broker companies as well as forecasts based on different methods of technical and graphical analysis, the following can be put forward:
According to the analysts and the readings of graphical analysis, the USD/JPY pair has hit its local low and is expected to enter a sideways trend in a 117.20-119.50 range. The will be at 117.90, and, in line with graphical analysis on H4, the pair should rise over this level in the first half of the week and drop to last Friday’s values by the end of the week.
Roman Butko, NordFX