Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the fall and the downward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 109.60. Moving averages indicate a short-term bullish trend for the pair. Prices have moved up again from the area between the signal lines, which indicates pressure from US Dollar buyers and a potential continuation of price growth from the current levels. As part of the forecast for the Japanese Yen rate for June 1, 2021, we should expect an attempt to develop growth and test the resistance area near the level of 110.05. Further, the rebound and the continuation of the fall of the USD/JPY pair to the area below the level of 107.65.
USD/JPY Forecast Japanese Yen June 1, 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 upper border of the descending Wolfe Wave pattern. Cancellation of the option to drop 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 rise to the area above the level of 112.65. 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.
USD/JPY Forecast Japanese Yen June 1, 2021 implies an attempt to test the resistance area near the 110.05 level. Then, the continuation of the fall in quotations to the area below the level of 107.65. 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 112.65.
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