The USD/JPY pair defied the majority opinion, which doesn’t always prove right. The analysts and all tools of technical and graphical analysis had almost unanimously predicted sideways movement for the pair. However, the pair started to fall mid-week, broke through the 122.20 support on Wednesday and reached the low of 120.57 on Friday.
Forecast for the coming week.
Summing up the opinions 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 suggested:
When drawing USD/JPY’s future movement, all indicators point downwards. Most analysts believe that 120.00 will be a very strong , bouncing off which the pair will go to resistance at 122.20 and possibly even higher to 123.20.
All forecasts may be subject to change as important economic data are released in the middle of the coming week.
Roman Butko, NordFX