Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 108.69. The pair continues to move within the correction and the bearish channel. Moving averages indicate a bearish trend, prices returned to the area between the signal lines up, which indicates pressure from sellers. At the moment, we should expect an attempt to grow and test the resistance level near the area of 109.65. Then the rebound and the continuation of the fall of the pair in the area below the level of 103.95.
USD/JPY Forecast and Analysis December 9 — 13, 2019
In favor of reducing the pair Dollar/Yen, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the fall option for the pair USD/JPY in the current trading week December 9 — 13, 2019 will be a strong growth and a breakdown of the area of 110.85. This option will indicate a breakdown of the resistance area and continued growth of the FOREX pair to the area above the level of 113.15. A confirmation of the fall for the pair USD/JPY will be a breakdown of the lower border of the rising channel and closing at the level of 107.55.
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: Japan’s Gross Domestic Product (GDP) q/q, Bank of Japan (BoJ) Tankan Large Manufacturing Index, Bank of Japan (BoJ) Tankan Large Non-Manufacturing Index.
USD/JPY Forecast and Analysis December 9 — 13, 2019 implies an attempt to test the resistance level near the area of 109.65. Where can we expect the pair to continue falling to the area below the level of 103.95. 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 110.85. This will indicate a continued rise of the pair with a potential target above the area of 113.15.
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