For USD/JPY , graphical analysis on H4 and the indicators on all timeframes pointed to a further sideways trend within a 113.00-114.50 range. In reality, the pair did continue to move in the horizontal channel, virtually repeating the scenario of the previous week. As a result, the amplitude of its fluctuations was slightly greater than the predicted 12.22-114.44. With that, USD/JPY once again finished the week exactly where it had started – at 113.80.
Forecast for This Week
Summing up the views of several dozen analysts from leading banks and broker companies as well as the forecasts based on different methods of technical and graphical analysis, the following can be said:
There is no agreement among the experts nor the indicators regarding USD/JPY . About half of them are for a rise while the other half are for a fall. As a result, a sideways channel in a range from 111.00 to 114.50 with a 113.25 is probable. In the longer term, 60% of the analysts believe that the pair will move up to 117.00; 30% propose a drop to 110.00, and the rest 10% aren’t certain.
Roman Butko, NordFX