Quotes of the pair USD/JPY US Dollar to Japanese Yen end the trading week near the 103.25 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 bullish correction and a test of the resistance level near the 104.35 area. Then, the rebound and the continuation of the fall of the pair to the area below the level of 100.35.
USD/JPY Forecast and Analysis November 9 — 13, 2020
An additional signal in favor of the fall 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 upper border of the descending channel. Cancellation of the option to drop the USD/JPY pair in the current trading week on November 9 – 13, 2020 will be a strong growth and a breakdown of the 105.65 area. This option will indicate a breakdown of the resistance area and continued growth of the pair on Forex to the area above the level of 109.85. Confirmation of a fall in the USD/JPY pair will be a breakdown of the support area and closing below 102.65.
USD/JPY Forecast and Analysis November 9 — 13, 2020 suggests an attempt to test the resistance level near the 104.35 area. Where can we expect the pair to continue falling to the area below the level of 100.35. An additional signal in favor of a decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to reduce the pair will be a strong growth and a breakdown of the level of 105.65. This will indicate continued growth of the pair with a potential target above the area of 109.85.
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