Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the fall and the beginning of the formation of the bullish “Wolfe Wave” pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 109.29. Moving averages indicate a short-term bullish trend for the pair. Prices went up from the area between the signal lines, which indicates pressure from the 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 May 6, 2021, we should expect an attempt to develop a downward correction and a test of the support area near the level of 107.05. Further, a rebound and continued growth of the USD/JPY pair to the area above the level of 110.35.
USD/JPY Forecast Japanese Yen May 7, 2021
An additional signal in favor of the growth of the USD/JPY currency pair will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish “Wolfe Wave”. the area is below the level of 102.55.With the breakdown of the resistance area and closing of quotations above the level of 109.55, we should expect confirmation of the development of a bullish movement in the pair.
USD/JPY Forecast Japanese Yen May 7, 2021 implies an attempt to test the support area near 107.05. Then, the continued growth of quotations to the area above the level of 110.35. 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 105.05 area. This will indicate a breakdown of the support level and continued fall in the pair with a potential target below 102.55.
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