Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week with growth near the area of 135.47. The pair continues to move within the growth and bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from US dollar buyers and a potential continuation of growth. At the moment, we should expect an attempt to develop a fall and test the support level near the area of 130.35. Then, a rebound up and the continuation of the growth of the pair to the area above the level of 145.75.
USD/JPY Forecast February 27 — March 3, 2023
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 border of the bullish channel. Cancellation of the option to raise the USD/JPY pair in the current trading week February 27 — March 3, 2023 will be a fall and a breakdown of the 125.65 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 120.05. The USD/JPY growth will be confirmed by the breakdown of the resistance area and the closing of the price above the level of 136.75, which will indicate the breakdown of the upper limit of the downward correction channel.
Among the important news from Japan that may have an impact on the rate of the Japanese Yen, it is worth highlighting: Japan Retail Sales m/m.
USD/JPY Forecast February 27 — March 3, 2023 suggests an attempt to test the support level near the 130.35 area. Where should we expect the pair to continue rising to the area above the level of 145.75. 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 125.65. This will indicate a continued decline in the pair with a potential target below the 120.05 area.
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