Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and formation of the ”Triangle” model, the breakdown of which will indicate a continuation of the bullish momentum for the pair. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 115.80. Moving averages indicate a short-term bullish trend for the pair. Prices are again testing 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 exchange rate for January 7, 2022, we should expect an attempt to develop a decline and test the support area near the level of 115.45. Further, an upward rebound and the continuation of the rise of the USD/JPY pair to the area above the level of 117.55.
USD/JPY Forecast Japanese Yen January 7, 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 115.05. 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 113.25. With the breakdown of the resistance area and closing of quotations above the level of 116.65, which will indicate a breakdown of the upper border of the ”Triangle” model.
USD/JPY Forecast Japanese Yen January 7, 2022 suggests an attempt to test the support area near the 115.45 level. Then, the continued growth of quotations to the area above the level of 117.55. 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 115.05 area. This will indicate a breakdown of the support level and continued fall in the pair with a potential target below 113.25.
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