Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the fall and left the bullish channel. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 109.84. Moving averages indicate a short-term bearish trend for the pair. The prices have broken the area between the signal lines downward, which indicates pressure from the sellers of the US Dollar and a potential continuation of the fall in prices from the current levels. As part of the forecast for the Japanese Yen rate for July 16, 2021, we should expect an attempt to develop growth and test the resistance area near the level of 110.35. Further, the rebound and the continuation of the fall of the USD/JPY pair to the area below the level of 108.45.
USD/JPY Forecast Japanese Yen July 16, 2021
An additional signal in favor of reducing the USD/JPY currency pair will be a test of the resistance 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 option to reduce the Dollar/Yen currency pair will be a strong growth and a breakdown of the level of 111.05. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Yen pair. In this case, we should expect the pair to continue to rise to the area above the level of 113.65. With the breakdown of the support area and closing of quotations below the level of 109.35, we should expect confirmation of the development of a downward movement in the pair.
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 July 16, 2021 implies an attempt to test the resistance area near the 110.35 level. Then, the continuation of the fall in quotations to the area below the level of 108.45. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the pair. Cancellation of the fall option will be a strong growth and a breakdown of the 111.05 area. This will indicate a breakdown of the resistance level and continued growth for the pair with a potential target above the level of 113.65.
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