Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 107.50. The pair continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices pierced 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 106.25. Then, a rebound and continued growth of the pair to the area above the level of 112.65.
USD/JPY Forecast and Analysis July 6 — 10, 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 lower boundary of the «Triangle» model. Cancellation of the growth option for the USD/JPY pair in the current trading week July 6 — 10, 2020 will be a fall and a breakdown of the 104.35 area. 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 100.25. A confirmation of the growth for the pair USD/JPY will be a breakdown of the resistance area and closing above 110.25.
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: Statement by Bank of Japan (BoJ) Governor Kuroda Speech.
USD/JPY Forecast and Analysis July 6 — 10, 2020 implies an attempt to test the support level near the area of 106.25. Where can we expect continued growth of the pair in the region above the level of 112.65. 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 104.35. This will indicate a continued decline in the pair with a potential target below the area of 100.25.
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