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 109.55. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have pierced the area between the signal lines down, indicating pressure from sellers of the US Dollar. As part of the forecast for the Japanese Yen on March 31, 2020, we should expect an attempt to continue the fall and test the support area near the level of 106.25. Further, the rebound and continued growth of the USD/JPY pair to the area above the level of 113.95.
USD/JPY Forecast Japanese Yen March 31, 2020
An additional signal in favor of the rise of the USD/JPY currency pair will be a test of the 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 growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 106.05. 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 103.25. With the breakdown of the resistance area and closing of quotes above the level of 112.05, we should expect confirmation of the development of the upward movement in the pair.
Among the important news from Japan, which may affect the USD/JPY rate, it is worth highlighting: Japan Retail Sales m/m.
USD/JPY Forecast Japanese Yen March 31, 2020 implies an attempt to test the support area near the level of 106.25. Then, continued growth of quotations to the area above the level of 113.95. A test of the trend line on the relative strength index (RSI) will be in favor of raising the pair. Cancellation of the growth option will be a fall and a breakdown of the area of 106.05. 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 103.25.
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