Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week with a fall near the area of 127.74. The pair continues to move within the framework of the fall and the descending channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines down, 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 129.75. Then, a rebound down and the continuation of the fall of the pair to the area below the level of 116.75.
USD/JPY Forecast January 16 — 20, 2023
An additional signal in favor of the decline in 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 upper border of the descending channel. Cancellation of the USD/JPY pair fall option in the current trading week January 16 — 20, 2023 will be a strong growth and a breakdown of the 135.65 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 139.25. A confirmation of the fall in the USD/JPY pair will be a breakdown of the support area and the closing of the price under the level of 126.45.
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 January 16 — 20, 2023 suggests an attempt to test the resistance level near the area of 129.75. Where should we expect the pair to continue falling to the area below the level of 116.75. An additional signal in favor of the decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of the fall of the pair will be a strong growth and a breakdown of the level of 135.65. This will indicate a continuation of the pair’s rise with a potential target above the 139.25 area.
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