Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the fall and the ascending channel, and an inverted “Head and Shoulders” pattern is also forming here. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 103.71. Moving averages indicate a short-term bearish trend for the pair. Prices broke the area between the signal lines downward, which indicates pressure from the sellers of the US Dollar and a potential continuation of the fall in prices already from the current levels. As part of the forecast for the Japanese Yen rate for November 24, 2020, we should expect an attempt to develop a fall and a test of the support area near the level of 103.35. Further, a rebound and continued rise in the USD/JPY pair to the area above the level of 105.75.
USD/JPY Forecast Japanese Yen November 24, 2020
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 inverted Head and Shoulders reversal pattern. Cancellation of the option to raise the Dollar/Yen currency pair will be a fall and a breakdown of the level of 102.65. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Yen pair. In this case, we should expect the pair to continue to decline to the area below the level of 100.05. With the breakdown of the resistance area and closing of quotations above the level of 105.75, we should expect confirmation of the development of an upward movement in the pair.
Among the important news from Japan that may have an impact on the rate of the USD/JPY pair, it is worth highlighting: Speech by Bank of Japan (BoJ) Governor Kuroda Speech.
USD/JPY Forecast Japanese Yen November 24, 2020 suggests an attempt to test the support area near the level of 103.35. Then, continued growth of quotations to the area above the level of 105.75. 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 102.65 area. This will indicate a breakdown of the support level and a continued decline in the pair with a potential target below 100.05.
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