The predictions for USD/JPY turned out incorrect. The pair reached the 110.70 support very fast but then, spurred by economic news from Japan, easily broke through it and went further down, finishing the week around 108.00;
Forecast for Upcoming Week
Summarizing the opinions of several dozen analysts from leading banks and broker companies and forecasts based on different methods of technical and graphical analysis, the following can be said:
It is clear that all indicators point down for USD/JPY . Two-thirds of the analysts and graphical analysis on H4 and D1 agree and reckon that the pair should reach the bottom at 105.50. Graphical analysis warns that a short-term surge up to resistance at 111.00 is possible before that. The longer-term forecast remains in force – USD/JPY should return to 114.70-117.00 in late April - early May.
Roman Butko, NordFX