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 “Wedge” pattern. At the time of the publication of the forecast, the US Dollar rate to the Japanese Yen is at 103.59. 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. pair USD/JPY to the area above the level of 105.35.
USD/JPY Forecast Japanese Yen January 22, 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 Wedge pattern. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 102.65. 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 100.45. With the breakdown of the resistance area and closing of quotations above the level of 103.85, we should expect confirmation of the development of an upward movement in the pair and the beginning of the “Wedge” model.
USD/JPY Forecast Japanese Yen January 22, 2021 implies an attempt to test the support area near 103.15. Then, the continued growth of quotations to the area above the level of 105.35. 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 102.65 area. This will indicate a breakdown of the support level and continued fall in the pair with a potential target below 100.45.
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