Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 106.85. The pair continues to move as part of the correction. Moving averages indicate a bearish trend. Prices have gone far from the area between the signal lines, indicating pressure from sellers of the US Dollar. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the area of 106.05. Then, the rebound and continued growth of the pair in the region above the level of 110.75.
USD/JPY Forecast and Analysis May 4 — 8, 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 USD/JPY pair in the current trading week May 4 — 8, 2020 will be a fall and a breakdown of the area of 104.05. 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 101.25. The growth of the pair USD/JPY will be confirmed by the breakdown of the resistance area and closing above 109.65.
USD/JPY Forecast and Analysis May 4 — 8, 2020 suggests an attempt to test the support level near the area of 106.05. Where can we expect continued growth of the pair in the region above the level of 110.75. 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 104.05. This will indicate a continued decline in the pair with a potential target below 101.25.
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