Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 109.77. The pair continues to move in the framework of growth and a downward channel. Moving averages indicate a lateral trend. Prices pierced the area between the signal lines up, which indicates pressure from buyers of the US dollar. At the moment, we should expect an attempt to continue growth and test the resistance level near the area of 110.35. Then the rebound and the continuation of the fall of the pair in the area below the level of 104.65.
USD/JPY Forecast and Analysis February 17 — 21, 2020
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 descending channel, as well as the formation of a reversal pattern «Head and Shoulders». Cancellation of the fall of the USD/JPY pair in the current trading week February 17 — 21, 2020 will be a strong growth and a breakdown of the 111.15 area. This option will indicate a breakdown of the resistance area and continued growth of the Forex pair to the area above the level of 113.75. A confirmation of the fall for the pair USD/JPY will be a breakdown of the support area and closing below 107.45.
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.
USD/JPY Forecast and Analysis February 17 — 21, 2020 implies an attempt to test the resistance level near the area of 110.35. Where can we expect the pair to continue falling to the area below the level of 104.65. An additional signal in favor of reducing will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling the pair will be a strong growth and the breakdown of the level of 111.15. This will indicate a continued rise of the pair with a potential target above the area of 113.75.
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