The experts and the indicators were neutral in their forecasts for USD/JPY and were quite right. The pair finished the week exactly at the same level it had started from. With a little tolerance, graphical analysis was also correct setting the boundaries of the side channel as 112.55 and 114.50.
Forecast for Coming Week
Generalizing the views of several dozen analysts from world leading banks and broker companies as well as forecasts based on various types of technical and graphical analysis, the following can be said:
According to the indicators on all timeframes and graphical analysis on H4, USD/JPY will continue its sideways trend within 113.00-114.50 at the beginning of the week. Only about 20% of the analysts support this. Their overwhelming majority believes that the pair should rise and try to reach 116.00-116.50 while just one analyst expects another fall to support at 111.00.
Roman Butko, NordFX