Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of strong growth and the beginning of the development of the «Triangle» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 110.35. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices pushed from the area between the signal lines, indicating pressure from buyers. As part of the forecast for the Japanese Yen rate on February 20, 2020, we should expect an attempt to slightly lower and test the support area near the level of 110.05. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 111.65.
USD/JPY Forecast Japanese Yen February 20, 2020
An additional signal in favor of the growth of the USD/JPY currency pair will be a test of the broken trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary 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 109.45. This will indicate a breakdown of the support area and a continued decline in the Dollar/Yen pair. In this case, we should expect continued fall of the pair to the area below the level of 108.05. With the breakdown of the resistance area and the closing of quotations above the level of 110.95, we should expect confirmation of the development of the upward movement in the pair.
USD/JPY Forecast Japanese Yen February 20, 2020 implies an attempt to test the support area near the level of 110.05. Then, continued growth of quotations to the area above the level of 111.65. In favor of the growth of the pair, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the rise option will be a fall and a breakdown of the area of 109.45. This will indicate a breakdown of the support level and continued development of the downward movement of the pair with a potential target below the level of 108.05.
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