Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 108.43. The pair continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices returned below the area between the signal lines down, indicating pressure from sellers of the US Dollar. At the moment, we should expect an attempt to develop a correction and test the resistance level near the area of 110.05. Then, the rebound and the continuation of the fall of the pair in the area below the level of 102.75.
USD/JPY Forecast and Analysis April 6 — 10, 2020
A test of the trend line on the relative strength index (RSI) will be in favor of the fall of the Dollar/Yen pair. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the fall of the USD/JPY pair in the current trading week April 6 — 10, 2020 will be a strong growth and a breakdown of the area of 112.35. This option will indicate a breakdown of the resistance area and continued growth of the Forex pair to the area above the level of 115.95. A confirmation of the fall for the pair USD/JPY will be a breakdown of the support area and closing below 106.55.
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: Speech by Bank of Japan (BoJ) Governor Kuroda Speech Chairman.
USD/JPY Forecast and Analysis April 6 — 10, 2020 implies an attempt to test the resistance level near the area of 110.05. Where can we expect the pair to continue falling to the area below the level of 102.75. An additional signal in favor of reducing will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and the breakdown level of 112.35. This will indicate a continued rise of the pair with a potential target above 115.95.
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