Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the framework of strong growth and an upward channel. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 105.73. Moving averages indicate a short-term bullish trend for the pair. Prices are testing the area between the signal lines again, which indicates pressure from the US Dollar buyers and a potential continuation of the rise in prices from the current levels. As part of the forecast for the Japanese Yen rate for February 17, 2021, we should expect an attempt to develop a decline and test the support area near the level of 105.35. Further, a rebound and continued growth of the USD/JPY pair to the area above the level of 105.45.
USD/JPY Forecast Japanese Yen February 17, 2021
An additional signal in favor of the fall of the USD/JPY currency pair will be a test of the resistance area on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise the Dollar/Yen currency pair will be a fall and a breakdown of the level of 105.05. 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 102.65. With the breakdown of the resistance area and closing of quotations above the level of 106.25, we should expect confirmation of the development of an upward movement in the pair.
USD/JPY Forecast Japanese Yen February 17, 2021 implies an attempt to test the support area near the level of 105.35. Then, continued growth of quotations to the area above the level of 105.45. A test of the trend line on the relative strength index (RSI) will be in favor of raising the pair. Cancellation of the upside option will be a fall and a breakdown of the 105.05 area. This will indicate a breakdown of the support level and a continued fall in the pair with a potential target below 102.65.
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