Opinions differed regarding USD/JPY last week. Most experts insisted on the pair’s transition to around 123.00-124.00 while graphical analysis, on the opposite, foresaw a fall to support at 121.50 and then a return to the 122.80 . The indicators on D1 also voted for the continuation of the sideways trend. The pair ended up going both up to 123.70 and down to 122.30. Ultimately, USD/JPY returned to the average values of the past 4 weeks, confirming the forecast about a further sideways trend.
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:
The analysts and all tools of technical and graphical analysis almost as one suggest that USD/JPY will continue its sideways trend in the same channel where it started to move 6 November. The is 122.95, support is 122.20, and resistance is 123.75. Only one expert doesn’t rule out that the pair will rise to 125.00.
Roman Butko, NordFX