USD/JPY Forecast Japanese Yen May 6, 2020


Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the formation of the «Wedge» reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 106.53. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices pushed from the area between the signal lines down, indicating pressure from sellers of the US Dollar and a potential continuation of the fall. As part of the forecast for the Japanese Yen on May 6, 2020, we should expect an attempt to develop a correction and test the support area near the level of 105.90. Further, the rebound and continued growth of the USD/JPY pair to the area above the level of 110.65.

USD/JPY Forecast Japanese Yen May 6, 2020

An additional signal in favor of the growth 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 support area. Cancellation of the option to raise the currency pair Dollar/Yen will be a fall and a breakdown of the level of 104.25. 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 101.15. With the breakdown of the resistance area and closing of quotes above the level of 108.25, we should expect confirmation of the development of the upward movement in the pair.

USD/JPY Forecast Japanese Yen May 6, 2020

USD/JPY Forecast Japanese Yen May 6, 2020 implies an attempt to test the support area near the level of 105.90. Then, continued growth of quotations to the area above the level of 110.65. 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 ​​104.25. 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 101.15.


Join our Telegram Channel


Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link

Post Comment