Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and the formation of the bearish ”Wolfe Wave” pattern. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 105.59. Moving averages indicate a short-term bullish trend for the pair. Prices went up from the area between the signal lines, which indicates pressure from the US Dollar buyers and a potential continuation of the price growth from the current levels. As part of the forecast for the Japanese Yen rate for February 9, 2021, we should expect an attempt to develop growth and test the resistance area near the level of 105.75. Further, the rebound and the continuation of the fall of the USD/JPY pair to the area below the level of 103.45.
USD/JPY Forecast Japanese Yen February 9, 2021
An additional signal in favor of reducing the USD/JPY currency pair will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the ”Wolfe Wave”. Cancellation of the option to drop the Dollar/Yen currency pair will be a strong growth and a breakdown of the level of 106.55. This will indicate a breakdown of the resistance area and a continued rise in the Dollar/Yen pair. In this case, we should expect the pair to continue to grow to the area above the level of 108.65. With the breakdown of the support area and closing of quotations below the level of 104.95, we should expect confirmation of the development of a downward movement in the pair.
USD/JPY Forecast Japanese Yen February 9, 2021 implies an attempt to test the resistance area near the 105.75 level. Then, the continuation of the fall in quotations to the area below the level of 103.45. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the pair. Cancellation of the fall option will be a strong growth and a breakdown of the 106.55 area. This will indicate a breakdown of the resistance level and a continued rise in the pair with a potential target above the level of 108.65.
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