The analysts were right about USD/JPY . In their opinion, the level of 120.00 was supposed to become very strong support, pushing off which the pair was to surge to resistance at 122.20 and then to 123.20. The latter level was reached on Friday thanks to the Bank of Japan's decision about its interest rate.
Forecast for the upcoming week.
Summarizing the opinions of analysts from world leading banks and broker companies as well as forecasts based on different methods of technical and graphical analysis, the following can be put forward:
The experts and graphical analysis on H4 reckon that USD/JPY will move sideways within 120.30-122.20. At the same time, the indicators on H4 and D1 point to the bears’ upper hand and insist that the pair won’t be able to break even the first resistance at 121.70.
Roman Butko, NordFX