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 «Triangle» model. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 106.67. Moving averages indicate a short-term bearish trend for the pair. However, prices have broken through the area between the signal lines upward, which indicates pressure from US Dollar buyers and a potential continuation of price growth. As part of the forecast for the Japanese Yen rate for August 28, 2020, we should expect an attempt to develop a correction and a test of the support area near the level of 105.75. Further, a rebound and continued growth of the USD/JPY pair to the area above the level of 109.45 within the model.
USD/JPY Forecast Japanese Yen August 28, 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 a breakdown of the upper border of the «Triangle» model. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 104.55. 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 102.45. With the breakdown of the resistance area and closing of quotations above the level of 107.55, we should expect confirmation of the development of an upward movement in the pair.
USD/JPY Forecast Japanese Yen August 28, 2020 implies an attempt to test the support area near 105.75. Then, continued growth of quotations to the area above the level of 109.45. 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 104.55 area. This will indicate a breakdown of the support level and continued fall for the pair with a potential target below 102.45.
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