The forecast for USD/JPY panned out almost 100%. According to it, the pair was supposed to go down to support at 110.70, then shoot up to 112.55 and then even higher, ultimately targeting 115.00. In reality, the pair fell to 111.04, reversed upward, tested resistance at 112.55, broke through it on the second try, turning it into support, and soared up to 114.00.
Forecast for Coming Week
Generalizing the opinions of several dozen analysts from leading banks and broker companies as well as forecasts based on various methods of technical and graphical analysis, the following can be said:
In their attempt to predict USD/JPY’s movement, both experts and indicators are quite neutral, with somewhat sentiment. Graphical analysis agrees with them overall – USD/JPY should first rise to 114.50 (or even to 115.00) and only then go down to support at 112.55;
Roman Butko, NordFX