Last week, it seemed impossible to give any forecast regarding USD/JPY as 33% of the experts voted for a rise, 33% for a sideways trend and 33% for a downward movement. The latter proved correct, though the fall was short-term and soon the pair returned to the main support of the past two months.
Forecast for the coming week. Summarizing the views 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 said:
According to nearly all the tools of and 64% of the experts, the breakthrough by USD/JPY of the bottom side of the symmetrical triangle, which the pair has been drawing since the end of August, was short-lived. They reckon that the previous course will resume – USD/JPY will reach 120.80 at least, and the will be at 120.00 as before. However, there is an opposing view – 36% of the analysts and 76% of the indicators on D1 are confident that from now on, 119.50 will become a powerful , bouncing off which the pair will move down to support at 118.00.
Roman Butko, NordFX