Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 109.96. Moving averages indicate the presence of a short-term bullish trend for the pair. As part of the forecast for the Japanese Yen on January 16, 2020, we should expect an attempt to fall and test the support area near the level of 109.35. 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 January 16, 2020
An additional signal in favor of the rise of the USD/JPY currency pair will be an uptrend test on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option to raise the currency pair Dollar Yen will be a fall and a breakdown level of 108.45. This will indicate a breakdown of the support area and the continued fall of the Dollar/Yen pair. In this case, we should expect continued decline in the pair to the area below the level of 106.25. With the breakdown of the resistance area and the closing of quotations above the level of 110.55, we should expect confirmation of the development of the upward movement in the pair.
USD/JPY Forecast Japanese Yen January 16, 2020 implies an attempt to test the support area near the level of 109.35. Then, continued growth of quotations to the area above the level of 111.85. A test of the trend line on the relative strength index (RSI) will be in favor of raising the pair. Cancellation of the growth option will be a fall and a breakdown of the area of 108.45. 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 106.25.
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