More currency speculators are getting focused on the Japanese Yen. As the Bank of Japan is expected to stay reserved in its policies amid worse trade balance and elections, analysts gave controversial forecasts for the near-term prospects o the Japanese Yen.
Some analysts are sure that the Japanese currency will go on weakening. At the same time, currency strategists from Goldman Sachs say USDJPY will encounter resistance as the Fed is determined to continue QE3.
They expect USDJPY to trade around 80.00 till late 2014.
According to , the Japanese Yen keeps weakening against the US Dollar. The experts report that USDJPY is forming a big-scale upswing. A break above 84.17 will start wave А/В of level Weekly2.
A further rally will probably encounter resistance around 85.52. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 77.42 (as shown below).
