Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 105.45. The pair continues to move within the fall and the downward channel. Moving averages indicate a lateral trend. However, prices broke through the area between the signal lines down, indicating pressure from sellers of the US Dollar. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of 107.15. Then the rebound and the continuation of the fall of the pair in the region below the level of 100.55.
USD/JPY Forecast and Analysis March 9 — 13, 2020
A test of the trend line on the relative strength index (RSI) will be in favor of the fall of the Dollar/Yen pair. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the fall option for the pair USD/JPY in the current trading week March 9 — 13, 2020 will be a strong growth and a breakdown of the area of 109.65. This option will indicate a breakdown of the resistance area and continued growth of the FOREX pair to the area above the level of 112.65. The fall in the pair USD/JPY will be confirmed by the breakdown of the support area and closing below the level of 104.05.
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 March 9 — 13, 2020 suggests an attempt to test the resistance level near the area of 107.15. Where can we expect the pair to continue falling to the area below the level of 100.55. 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 109.65. This will indicate a continued rise of the pair with a potential target above 112.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
