It appeared impossible to make an intelligible prediction for USD/JPY as the experts’ opinions were split almost equally. In fact, the indicators and those who foresaw a further spectacular nosedive proved right. In two weeks, the pair plunged from 121.70 to the bottom of 111.00, i.e. by over 1,000 points, and reached the level of October 2014.
Forecast for Coming Week
Summarizing the views of several dozen analysts from leading banks and broker companies as well as forecasts based on different methods of technical and graphical analysis, the following can be predicted:
Obviously the indicators haven’t yet come around after USD/JPY’s crash of the last two weeks. According to most experts and graphical analysis on H4, USD/JPY will continue its rebound up to resistance at 115.60.
Roman Butko, NordFX