Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the formation of the “Triangle” pattern. At the time of the publication of the forecast, the USD/JPY rate is 103.76. The moving averages indicate the presence of a short-term bullish trend for the pair. Prices are again testing the area between the signal lines, 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 January 21, 2021, we should expect an attempt to develop a correction and test the support area near the level of 103.60. Further, a rebound and continued growth USD/JPY pair to the area above the level of 105.25.
USD/JPY Forecast Japanese Yen January 21, 2021
An additional signal in favor of raising the USD/JPY currency pair will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower “Triangle” pattern. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 103.05. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Yen pair. In this case, we should expect the pair to continue to decline to the area below the level of 101.35. With the breakdown of the resistance area and closing of quotations above the level of 104.45, we should expect confirmation of the development of the upward movement in the pair and the beginning of the development of the “Triangle” model.
Among the important news from Japan that may have an impact on the USD/JPY pair, it is worth highlighting: Bank of Japan (BoJ) Interest Rate Decision, Bank of Japan (BoJ) Press Conference Press Conference).
USD/JPY Forecast Japanese Yen January 21, 2021 implies an attempt to test the support area near the 103.60 level. Then, continued growth of quotations to the area above the level of 105.25. 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 103.05 area. This will indicate a breakdown of the support level and continued fall in the pair with a potential target below 101.35.
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