Quotes of the pair USD/JPY US Dollar to Japanese Yen end the trading week near the 104.95 area. The pair continues to move within the fall and the downtrend channel. Moving averages indicate a bearish trend. Prices moved down from the area between the signal lines, which indicates pressure from the US dollar sellers and a potential continuation of the fall. At the moment, we should expect an attempt to develop a fall and a test of the support level near the 103.75 area. Then, the rebound and the continuation of the rise of the pair to the area above the level of 108.75.
USD/JPY Forecast and Analysis November 16 — 20, 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 border of the Head and Shoulders reversal pattern. Cancellation of the option to raise the USD/JPY pair in the current trading week on November 16 — 20, 2020 will be a fall and a breakdown of the 102.45 area. This option will indicate a breakdown of the support area and the continuation of the fall of the pair on Forex to the area below the level of 99.45. Confirmation of the rise in the USD/JPY pair will be the breakdown of the resistance area and the closing of the price above 106.25.
Among the important news from Japan that may have an impact on the Japanese Yen rate, it is worth highlighting: Japan Gross Domestic Product (GDP) q/q.
USD/JPY Forecast and Analysis November 16 — 20, 2020 suggests an attempt to test the support level near the 103.75 area. Where can we expect the pair to continue to rise to the area above the level of 108.75. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the pair will be a fall and a breakdown of the level of 102.45. This will indicate a continued decline in the pair with a potential target below the 99.45 area.
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