Quotes of the pair USD/JPY US Dollar to Japanese Yen end the trading week near the 108.51 area. The pair continues to move within the framework of the growth and the downtrend channel. Moving averages indicate a bearish trend. Prices have broken the area between the signal lines upward, which indicates pressure from the US Dollar buyers and a potential continuation of the rise. At the moment, we should expect an attempt to develop a correction and a test of the support level near the 106.35 area. Then, a rebound and continued rise of the pair to the area above the level of 114.65.
USD/JPY Forecast and Weekly Analysis March 8 — 12, 2021
An additional signal in favor of the rise of the Dollar/Yen pair in the current trading week will be a test of the rising 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 raise the USD/JPY pair in the current trading week on March 8 — 12, 2021 will be a decline and a breakdown of the 104.85 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 99.85. Confirmation of the rise in the USD/JPY pair will be the breakdown of the resistance area and the closing of the price above 110.65.
Among the important news from Japan that may have an impact on the Japanese Yen rate, it is worth highlighting: Japan Gross Domestic Product (GDP) q/q.
USD/JPY Forecast and Weekly Analysis March 8 — 12, 2021 suggests an attempt to test the support level near the 106.35 area. Where can we expect the pair to continue to grow to the area above the level of 114.65. 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 104.85. This will indicate a continued decline in the pair with a potential target below the 99.85 area.
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