Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 108.66. The pair continues to move within the framework of growth and the downward channel, and there is also the potential to start working out the model, the inverted «Head and Shoulders». Moving averages indicate a bearish trend, prices returned to the area between the signal lines, which could trigger a downward rebound. At the moment, we should expect an attempt to reduce and test the support level near the area of 107.95. Then a rebound and continued growth of the pair to the area above the level of 112.15.
USD/JPY Forecast and Analysis October 28 — November 1, 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 October 28 — November 1, 2019 will be a fall and a breakdown of the area of 106.05. 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 103.35. 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 109.45.
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: Japan Retail Sales m/m, Bank of Japan (BoJ) Press Conference, Bank of Japan (BoJ) Interest Rate Decision.
USD/JPY Forecast and Analysis October 28 — November 1, 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 112.15. 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 106.05. This will indicate a continued decline in the pair with a potential target below the area of 103.35.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
