Graphical analysis proved to be right about USD/JPY – first, the pair was supposed to go up to 123.00-123.75, fail to break through resistance and roll down, returning to 122.50 by the end of the week. In fact, the pair failed to break through resistance around 123.60 twice, after which it bounced down and ended up at 122.80.
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 suggested regarding USD/JPY:
The indicators on H4 point strictly down while on D1 – strictly up. The experts hold a similar view. A summary of their opinions shows quite a wide sideways channel with a 121.85-123.20 range and the around 122.80. It should be noted that graphical analysis on H1 and H4 indicates that at the start of the week, the pair will go down and only then begin to rise.
Roman Butko, NordFX