First, a review of last week's forecast:
- for USD/JPY the experts and the indicators determined a sideways corridor with support at 120.50 and resistance at 122.00. All that happened except that the corridor shifted down by about 50 points to a 120.00-121.50 range, with 120.50 as a pivot point.
Forecast for the coming week.
Summarizing opinions of several dozen analysts from leading banks and broker companies as well as forecasts made on the basis of different methods of technical and graphical analysis, the following can be proposed:
- indicators on H4 and D1 maintain neutrality regarding USD/JPY. As for the shorter timeframes, they predict a slight drop to 120.00, a key level for the pair for the past 11 weeks. Graphical analysis on H4 agrees with this. According to 70% of the experts, the pivot point will be 121.50 again, and generally the pattern of the previous week is expected to repeat. At the same time, a quarter of the experts believe that the pair will not give up attempts to get closer to 122.00.
- for USD/JPY the experts and the indicators determined a sideways corridor with support at 120.50 and resistance at 122.00. All that happened except that the corridor shifted down by about 50 points to a 120.00-121.50 range, with 120.50 as a pivot point.
Forecast for the coming week.
Summarizing opinions of several dozen analysts from leading banks and broker companies as well as forecasts made on the basis of different methods of technical and graphical analysis, the following can be proposed:
- indicators on H4 and D1 maintain neutrality regarding USD/JPY. As for the shorter timeframes, they predict a slight drop to 120.00, a key level for the pair for the past 11 weeks. Graphical analysis on H4 agrees with this. According to 70% of the experts, the pivot point will be 121.50 again, and generally the pattern of the previous week is expected to repeat. At the same time, a quarter of the experts believe that the pair will not give up attempts to get closer to 122.00.