Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the upward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 109.86. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from buyers and a potential upward rebound. As part of the forecast of the Japanese Yen exchange rate on February 28, 2020, we should expect an attempt to slightly decrease and test the support area near the level of 109.65. Further, the rebound and continued growth of the USD/JPY pair to the area above the level of 111.85.
USD/JPY Forecast Japanese Yen February 28, 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 lower boundary of the ascending channel. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 108.85. 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 107.45. With the breakdown of the resistance area and closing of quotes above 110.65, we should expect confirmation of the development of the upward movement in the pair.
Among the important news from Japan, which may affect the USD/JPY rate, it is worth highlighting: Japan Retail Sales m/m.
USD/JPY Forecast Japanese Yen February 28, 2020 implies an attempt to test the support area near the level of 109.65. Then, continued growth of quotations to the area above the level of 111.85. 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 ascent option will be a fall and a breakdown of the area of 108.85. 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 107.45.
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