Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the bearish channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 105.74. Moving averages indicate a short-term bearish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from sellers of the US Dollar. As part of the forecast for the Japanese Yen on March 17, 2020, we should expect an attempt to increase slightly and test the resistance area near the level of 106.35. Further, the rebound and continued fall of the pair USD/JPY to the area below the level of 101.05.
USD/JPY Forecast Japanese Yen March 17, 2020
An additional signal in favor of reducing 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 upper boundary of the downward channel. Cancellation of the option of falling the currency pair Dollar Yen will be a strong growth and the breakdown level of 109.65. 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 111.85. With the breakdown of the support area and closing of quotes below the level of 103.65, we should expect confirmation of the development of a downward movement in the pair.
USD/JPY Forecast Japanese Yen March 17, 2020 implies an attempt to test the resistance area near the level of 106.35. Then, the continuation of the fall in quotations to the area below the level of 101.05. 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 area of 109.65. This will indicate a breakdown of the resistance level and continued development of the upward movement of the pair with a potential target above 111.85.
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