Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the downward channel. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 103.47. Moving averages indicate a short-term bearish trend for the pair. Prices are again testing 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 already from the current levels. As part of the forecast for the Japanese Yen rate for December 24, 2020, we should expect an attempt to develop a downward correction and a test of the support area near the level of 103.25. Further, a rebound and continued rise in the USD/JPY pair to the area above the level of 104.65.
USD/JPY Forecast Japanese Yen December 24, 2020
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 breakdown of the upper border of the descending channel. Cancellation of the option of falling the Dollar/Yen currency pair will be a fall and a breakdown of the level of 102.55. 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 to decline to the area below the level of 99.65. With the breakdown of the resistance area and closing of quotations above the level of 104.05, we should expect confirmation of the development of an upward movement in the pair and a breakdown of the upper border of the descending channel.
USD/JPY Forecast Japanese Yen December 24, 2020 implies an attempt to test the support area near the 103.25 level. Then, the continuation of the rise in quotations to the area above the level of 104.65. A test of the trend line on the relative strength index (RSI) will be in favor of the growth of the pair. Cancellation of the upside option will be a fall and a breakdown of the 102.55 area. This will indicate a breakdown of the support level and a continued decline in the pair with a potential target below 99.65.
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