Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 110.16. The pair continues to move in the framework of growth and a bearish channel. Moving averages indicate a bearish trend. However, prices have 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 110.85. Then the rebound and the continuation of the fall of the pair in the area below the level of 105.35.
USD/JPY Forecast and Analysis January 20 — 24, 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 downward channel. Cancellation of the fall of the USD/JPY pair in the current trading week of January 20 — 24, 2020 will be a strong growth and a breakdown of the 111.55 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 114.45. The fall in the pair USD/JPY will be confirmed by the breakdown of the support area and closing below 107.05.
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: Bank of Japan (BoJ) Interest Rate Decision, Bank of Japan (BoJ) Press Conference.
USD/JPY Forecast and Analysis January 20 — 24, 2020 suggests an attempt to test the resistance level near the area of 110.85. Where can we expect the pair to continue falling to the area below the level of 105.35. 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 111.55. This will indicate a continued rise of the pair with a potential target above 114.45.
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