Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the fall and the bearish channel. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 108.05. Moving averages indicate a short-term bearish trend for the pair. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the US Dollar and a potential continuation of the fall in prices from the current levels. As part of the forecast for the Japanese Yen rate for April 23, 2021, we should expect an attempt to develop a bullish correction and a test of the resistance area near the level of 108.55. Further, the rebound and the continuation of the fall of the USD/JPY pair to the area below the level of 106.65.
USD/JPY Forecast Japanese Yen April 23, 2021
An additional signal in favor of the fall of the USD/JPY currency pair will be a test of the resistance 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 Dollar/Yen currency pair will be a strong growth and a breakdown of the level of 109.05. This will indicate a breakdown of the resistance area and a continued rise in the Dollar / Yen pair. In this case, we should expect the pair to continue to grow to the area above the level of 110.75. With the breakdown of the support area and closing of quotations below the level of 107.05, we should expect confirmation of the development of a downward movement in the pair.
USD/JPY Forecast Japanese Yen April 23, 2021 implies an attempt to test the resistance area near the 108.55 level. Then, the continuation of the fall in quotations to the area below the level of 106.65. A test of the trend line on the relative strength index (RSI) will be in favor of the pair’s fall. Cancellation of the reduction option will be a strong growth and a breakdown of the 109.05 area. This will indicate a breakdown of the resistance level and a continued rise in the pair with a potential target above 110.75.
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