Quotes of the pair USD/JPY US Dollar to Japanese Yen end the trading week near the area of 105.34. The pair continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, which indicates pressure from US Dollar sellers and a potential continuation of the fall. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the 103.65 area. Then, a rebound and continued growth of the pair to the area above the level of 109.35.
USD/JPY Forecast and Analysis October 5 — 9, 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 descending channel. Cancellation of the growth option for the USD/JPY pair in the current trading week October 5 — 9, 2020 will be a fall and a breakdown of the 101.75 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 99.05. Confirmation of the growth in the USD/JPY pair will be a breakdown of the resistance area and closing above 107.65, which will indicate a breakdown of the upper border of the channel.
Among the important news from Japan that may have an impact on the Japanese Yen rate, it is worth highlighting: Speech by Bank of Japan (BoJ) Governor Kuroda Speech, Bank of Japan (BoJ) Governor Kuroda Speech.
USD/JPY Forecast and Analysis October 5 — 9, 2020 implies an attempt to test the support level near the 103.65 area. Where can we expect the pair to continue to grow to the area above the level of 109.35. 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 101.75. This will indicate a continued decline in the pair with a potential target below the 99.05 area.
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