Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of strong growth and the formation of the «Wolfe Wave» downward pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 107.53. Moving averages indicate a short-term bullish trend for the pair. Prices pushed from the area between the signal lines, indicating pressure from buyers of the US Dollar and the potential continuation of the rise in prices. As part of the forecast for the Japanese Yen on May 21, 2020, we should expect an attempt to develop growth and test the resistance area near the level of 108.05. Further, the rebound and continued fall of the pair USD/JPY to the area below the level of 105.95.
USD/JPY Forecast Japanese Yen May 21, 2020
An additional signal in favor of the fall 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 «Wolfe Wave» model. Cancellation of the option of falling the currency pair Dollar/Yen will be a strong growth and the breakdown level of 108.85. 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 110.45. With the breakdown of the support area and closing of quotes below the level of 107.05, we should expect confirmation of the development of a downward movement in the pair.
USD/JPY Forecast Japanese Yen May 21, 2020 implies an attempt to test the resistance area near the level of 108.05. Then, the continuation of the fall of quotations in the area below the level of 105.95. A test of the trend line on the relative strength index (RSI) will be in favor of the fall of the pair. Cancellation of the reduction option will be a strong growth and a breakdown of the area of 110.45. This will indicate a breakdown of the resistance level and continued development of the upward movement of the pair with a potential target above the level of 107.05.
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