Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and the bullish channel. At the time of publication of the forecast, the US Dollar to the Japanese Yen is 114.93. 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 8, 2022, we should expect an attempt to develop a rise and test the resistance area near the level of 115.30. Further, the price bounces down and the USD/JPY pair continues to fall to the area below the level of 112.65.
USD/JPY Forecast Japanese Yen February 8, 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 Head and Shoulders reversal pattern. Cancellation of the option of falling the dollar/yen currency pair will be a strong growth and a breakdown of the level of 116.15. This will indicate a breakdown of the resistance area and the continuation of the rise of the Dollar/Yen pair. In this case, we should expect the pair to continue rising to the area above the level of 118.45. With the breakdown of the support area and the closing of quotes below the level of 113.70.
USD/JPY Forecast Japanese Yen February 8, 2022 suggests an attempt to test the support area near the resistance level. Then, the continuation of the fall of quotations to the area below the level of 112.65. In favor of the pair’s decline, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the fall option will be a strong growth and a breakdown of the area of 116.15. This will indicate a breakdown of the resistance level and continued growth in the pair with a potential target above the level of 118.45.
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