Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 106.67. The pair continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices pushed from the area between the signal lines down, indicating pressure from sellers of the US dollar and the potential continuation of the fall. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the area of 104.85. Then, the rebound and continued growth of the pair in the region above the level of 110.95.
USD/JPY Forecast and Analysis July 13 — 17, 2020
An additional signal in favor of the growth of the Dollar/Yen pair in the current trading week will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the support level on the price chart. Cancellation of the growth option for the USD/JPY pair in the current trading week July 13 — 17, 2020 will be a fall and a breakdown of the area of 102.25. 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 99.55. A confirmation of the growth for the pair USD/JPY will be a breakdown of the resistance area and closing above 109.45.
Among the important news from Japan that may affect the rate of 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 July 13 — 17, 2020 implies an attempt to test the support level near the area of 104.85. Where can we expect continued growth of the pair in the region above the level of 110.95. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the pair will be a fall and a breakdown of the level of 102.25. This will indicate a continued decline in the pair with a potential target below 99.55.
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