Quotes of the pair USD/JPY US Dollar to Japanese Yen end the trading week near the 105.44 area. The pair continues to move within the framework of strong growth and a downward channel. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines again, which indicates pressure from US dollar sellers and a potential continuation of the fall. At the moment, we should expect an attempt to develop growth and test the resistance level near the area of 105.95. Then, the rebound and the continuation of the fall of the pair to the area below the level of 100.45.
USD/JPY Forecast and Weekly Analysis February 22 — 26, 2021
An additional signal in favor of reducing the Dollar/Yen pair in the current trading week will be a test of the downward 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 February 22 — 26, 2021 will be a strong growth and a breakdown of the 107.45 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 109.65. Confirmation of the fall in the USD/JPY pair will be a breakdown of the support area and closing of the price below 104.05.
Among the important news from Japan, which may have an impact on the Japanese Yen rate, it is worth highlighting: Japan Retail Sales m/m.
USD/JPY Forecast and Weekly Analysis February 22 — 26, 2021 suggests an attempt to test the resistance level near the 105.95 area. Where can we expect the pair to continue falling to the area below the level of 100.45. 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 pair’s fall option will be a strong growth and a breakdown of the level of 107.45. This will indicate a continued rise in the pair with a potential target above the 109.65 area.
