Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 107.96. The pair continues to move within the framework of the correction and the bearish channel, and there is also the potential for the formation of the «Head and Shoulders» reversal pattern in an inverted form. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to reduce and test the support level near the area of 104.85. Then the rebound and continued growth of the pair in the region above the level of 112.45.
USD/JPY Forecast and Analysis September 16 — 20, 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 the completion of the formation of the inverted «Head and Shoulders» model. Cancellation of the growth option for the USD/JPY pair in the current trading week September 16 — 20, 2019 will be a fall and a breakdown of the area of 103.85. This option will indicate a breakdown of the lower border of the descending channel and a continued decline in the Forex pair to the area below the level of 102.35. 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 108.45.
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: Bank of Japan (BoJ) Interest Rate Decision, Bank of Japan (BoJ) Press Conference.
USD/JPY Forecast and Analysis September 16 — 20, 2019 implies an attempt to test the support level near the area of 104.85. Where can we expect continued growth of the pair in the region above the level of 112.45. 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 103.85. This will indicate a continued decline in the pair with a potential target below 102.35.