Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and completion of the formation of the “Wolfe Wave” model. At the time of the publication of the forecast, the US dollar against the Japanese Yen is 116.02. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the US Dollar and a potential continuation of price growth already from current levels. As part of the forecast for the Japanese Yen on February 11, 2022, we should expect an attempt to develop growth and test the resistance area near the level of 116.35. Further, the price bounces down and the USD/JPY pair continues to fall to the area below the level of 113.55.
USD/JPY Forecast Japanese Yen February 11, 2022
An additional signal in favor of the fall of the USD/JPY currency pair will be a test of the resistance trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish Wolfe Wave pattern. Cancellation of the option of falling the Dollar/Yen currency pair will be a strong growth and a breakdown of the level of 117.35. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Yen pair. In this case, we should expect the pair to continue to rise to the area above the level of 118.95. With the breakdown of the support area and the closing of quotes below the level of 115.35, which will indicate an exit beyond the bullish correction channel.
USD/JPY Forecast Japanese Yen February 11, 2022 suggests an attempt to test the resistance area near the level of 116.35. Then, the continuation of the fall of quotations to the area below the level of 113.55. In favor of the fall of the pair, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the reduction option will be a strong growth and a breakdown of the area of 117.35. This will indicate a breakdown of the resistance level and a continuation of the rise in the pair with a potential target above the level of 118.95.
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