Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the formation of the bullish «Wolfe Wave» pattern. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 105.95. Moving averages indicate a short-term bearish trend for the pair. Prices pushed 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. As part of the forecast for the Japanese Yen exchange rate for August 21, 2020, we should expect an attempt to develop a correction and a test of the support area near the level of 104.95. Further, a rebound and continued growth of the USD/JPY pair to the area above the level of 107.75.
USD/JPY Forecast Japanese Yen August 21, 2020
An additional signal in favor of raising the USD/JPY currency pair will be a test of the support line on the relative strength index (RSI). The second signal will be the formation of a bullish «Wolfe Wave» pattern. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 103.75. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Yen pair. In this case, we should expect the pair to continue falling to the area below the level of 102.15. With the breakdown of the resistance area and closing of quotations above the level of 107.05, we should expect confirmation of the development of an upward movement in the pair.
USD/JPY Forecast Japanese Yen August 21, 2020 suggests an attempt to test the support area near 104.95. Then, the continued growth of quotations to the area above the level of 107.75. A test of the trend line on the relative strength index (RSI) will be in favor of raising the pair. Cancellation of the growth option will be a fall and a breakdown of the 103.75 area. This will indicate a breakdown of the support level and a continued fall in the pair with a potential target below 102.15.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link