Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the bullish channel. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 113.57. Moving averages indicate a short-term bullish trend for the pair. The prices have broken the area between the signal lines upwards, which indicates the pressure from the buyers of the US Dollar and the potential continuation of the rise in prices already from the current levels. As part of the forecast for the Japanese Yen rate for November 3, 2021, we should expect an attempt to develop a bearish correction and a test of the support area near the level of 112.95. Further, an upward rebound and a continued rise in the USD/JPY pair to the area above the level of 116.05.
USD/JPY Forecast Japanese Yen November 3, 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 channel. Cancellation of the option to raise the Dollar/Yen currency pair will be a fall and a breakdown of the level of 111.75. 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 109.25. With the breakdown of the resistance area and closing of quotations above the level of 114.85.
USD/JPY Forecast Japanese Yen November 3, 2021 implies an attempt to test the support area near the level of 112.95. Then, the continued growth of quotations to the area above the level of 116.05. 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 111.75 area. This will indicate a breakdown of the support level and a continued fall in the pair with a potential target below 109.25.
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