Graphical analysis proved right about USD/JPY’s possible surge upward. In fact, the pair went up but that movement was more sluggish than expected, and the momentum fizzled out after 200 points at 109.70.
Forecast for Coming 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 suggested:
All indicators on H4 and D1 point down for USD/JPY . Only 30% of the experts back them while the rest 70% predict that the pair’s rebound will end only after it reaches resistance at 111.00. Graphical analysis concurs and elaborates that this may take about a week. Now support is at 108.70. If it’s broken through, USD/JPY may first fall by 100 points and then reach the bottom at 106.70. However, the latter may happen in early May.
Roman Butko, NordFX