Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the correction and the downward channel. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 107.18. Moving averages indicate a short-term bearish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from US Dollar sellers and a potential continuation of the price decline. As part of the forecast for the Japanese Yen rate for July 23, 2020, we should expect an attempt to develop growth and test the resistance area near the level of 107.35. Further, the rebound and the continuation of the fall of the USD/JPY pair to the area below the level of 105.85.
USD/JPY Forecast Japanese Yen July 23, 2020
An additional signal in favor of the fall of 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 upper border of the «Triangle» pattern. Cancellation of the option to drop the Dollar/Yen currency pair will be a strong growth and a breakdown of the level of 107.95. This will indicate a breakdown of the resistance area and a continued rise in the Dollar/Yen pair. In this case, we should expect the pair to continue to grow to the area above the level of 109.95. With the breakdown of the support area and closing of quotations below the level of 106.35, we should expect confirmation of the development of a downward movement in the pair.
USD/JPY Forecast Japanese Yen July 23, 2020 suggests an attempt to test the resistance area near 107.35. Then, the continuation of the fall in quotations to the area below the level of 105.85. 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 107.95 area. This will indicate a breakdown of the resistance level and the continuation of the development of an upward movement in the pair with a potential target above the level of 109.95.
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