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 the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 115.94. 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 price growth from the current levels. As part of the forecast for the Japanese Yen exchange rate for January 6, 2022, we should expect an attempt to develop a decline and test the support area near the level of 115.05. Further, an upward rebound and the continuation of the rise of the USD/JPY pair to the area above the level of 118.45.
USD/JPY Forecast Japanese Yen January 6, 2022
An additional signal in favor of the growth of the USD/JPY currency pair will be a test of the broken trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 113.65. This will indicate a breakdown of the support area and a continued decline in the Dollar/Yen pair. In this case, we should expect the pair to continue falling to the area below the level of 111.55. With the breakdown of the resistance area and closing of quotations above the level of 116.95, which will indicate a breakdown of the upper border of the bullish channel, and this is another signal for aggressive buying of the pair.
USD/JPY Forecast Japanese Yen January 6, 2022 implies an attempt to test the support area near the 115.05 level. Then, the continued growth of quotations to the area above the level of 118.45. A test of the trend line on the relative strength index (RSI) will be in favor of the growth of the pair. Cancellation of the upside option will be a fall and a breakdown of the 113.65 area. This will indicate a breakdown of the support level and continued fall in the pair with a potential target below 111.55.
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