Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 109.20. The pair continues to move in the framework of strong growth and a downward channel. Moving averages indicate a bearish trend. Prices pierced the area between the signal lines up, which indicates pressure from buyers of the US dollar and the likely continuation of the growth in the value of the asset. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the area of 107.25. Then, the rebound and continued growth of the pair in the area above the level of 115.25.
USD/JPY Forecast and Analysis June 8 — 12, 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 the completion of the formation of the inverted «Head and Shoulders» model. Cancellation of the growth option for the pair USD/JPY in the current trading week June 8 — 12, 2020 will be a fall and a breakdown of the area of 103.55. 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 100.55. A confirmation of the growth for the pair USD/JPY will be a breakdown of the resistance area and closing above 110.65.
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 June 8 — 12, 2020 suggests an attempt to test the support level near the area of 107.25. Where can we expect continued growth of the pair in the region above the level of 115.25. 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 103.55. This will indicate a continued decline in the pair with a potential target below the area of 100.55.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link