Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and the rising channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 107.45. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices pierced the area between the signal lines up, indicating pressure from buyers of the US Dollar and the potential continuation of price increases. As part of the forecast for the Japanese Yen on July 1, 2020, we should expect an attempt to develop a fall and test the support area near the level of 107.30. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 109.75.
USD/JPY Forecast Japanese Yen July 1, 2020
An additional signal in favor of the rise of 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 boundary of the ascending channel. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 106.75. 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 104.65. With the breakdown of the resistance area and closing of quotes above 108.95, we should expect confirmation of the development of the upward movement in the pair.
Among the important news from Japan that may have an impact on the USD/JPY rate, it is worth highlighting: Bank of Japan (BoJ) Tankan Large Manufacturing Index, Bank of Japan (BoJ) Tankan Large Non-Manufacturing Index.
USD/JPY Forecast Japanese Yen July 1, 2020 implies an attempt to test the support area near the level of 107.30. Then, continued growth of quotations to the area above the level of 109.75. In favor of the growth of the pair, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the rise option will be a fall and a breakdown of the area of 106.75. 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 104.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link