Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near 111.63. The pair continues to move in the framework of growth and the ascending channel. Moving averages indicate a bullish 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 develop correction and test the support level near the area of 110.75. Then the rebound and continued growth of the pair in the region above the level of 115.95.
USD/JPY Forecast and Analysis February 24 — 28, 2020
A test of the trend line on the relative strength index (RSI) will be in favor of the growth of the Dollar/Yen pair. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the growth option for the USD/JPY pair in the current trading week February 24 — 28, 2020 will be a fall and a breakdown of the area of 109.35. This option will indicate a breakdown of the support area and the continued fall of the pair on Forex to the area below the level of 105.65. A confirmation of the growth for the pair USD/JPY will be a breakdown of the resistance area and closing above 112.95.
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: Japan Retail Sales m/m.
USD/JPY Forecast and Analysis February 24 — 28, 2020 suggests an attempt to test the support level near the area of 110.75. Where can we expect continued growth of the pair in the region above the level of 115.95. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the pair will be a fall and a breakdown of the level of 109.35. This will indicate a continued decline in the pair with a potential target below the area of 105.65.
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