The analysts and graphical analysis claimed that USD/JPY had reached its bottom and therefore should bounce upwards to 113.00, which happened. The pair wrapped up the week at 113.03.
Forecast for Upcoming Week
Summing up the opinions of several dozen analysts from world leading banks and broker companies and forecasts based on different methods of technical and graphical analysis, the following can be predicted:
The experts’ opinions about USD/JPY are split almost equally. Graphical analysis and the indicators on D1 show a sideways channel with two scenarios for the boundaries – fluctuations around 112.30-113.50 on H4 and around 110.70-114.00 on D1 with gradual consolidation near support. In the longer term, both graphical analysis and 70% of the experts point to USD/JPY’s subsequent sharp rebound from the lower boundary up to 117.00, which may happen in the second half of April.
Roman Butko, NordFX