The experts based their forecast for USD/JPY on the fact that the pair had reached its local minimum and should enter a sideways trend, which did happen. However, on Monday and Friday, the pair made two attempts to break through support at 117.20. The first attempt failed, and it is too early to talk about the outcome of the second one.
Forecast for Coming Week
Summing up the views of several dozen analysts from world leading banks and broker companies as well as forecasts based on different methods of technical and graphical analysis the following can be said:
According to 65% of the analysts and graphical analysis on H4, next week USD/JPY is facing a slight correction with the transition to 117.40-118.00 and then a drop to support at 116.00. The indicators on H4 and D1 echo this.
Roman Butko, NordFX