Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 109.43. The pair continues to move in the framework of growth and a downward channel. Moving averages indicate a bearish trend, but prices have pierced the area between the signal lines, which indicates pressure from buyers. At the moment, we should expect an attempt to reduce and test the support level near the area of 107.95. Then the rebound and continued growth of the pair in the region above the level of 114.05.
USD/JPY Forecast and Analysis November 11 — 15, 2019
A test of the support line on the relative strength index (RSI) will be in favor of raising the Dollar/Yen pair. The second signal will be a rebound from the «Neck» line of the «Head and Shoulders» reversal pattern. Cancellation of the growth option for the USD/JPY pair in the current trading week November 11 — 15, 2019 will be a fall and a breakdown of the area of 105.95. This option will indicate a breakdown of the support area and a continued decline in the Forex pair to the area below the level of 103.45. A confirmation of the growth for the pair USD/JPY will be a breakdown of the upper border of the downward channel and closing above 110.85.
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 November 11 — 15, 2019 implies an attempt to test the support level near the area of 107.95. Where can we expect continued growth of the pair in the region above the level of 114.05. 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 pair growth option will be a fall and a breakdown of the level of 105.95. This will indicate a continued decline in the pair with a potential target below the area of 103.45.