Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the correction and the downward channel. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 104.33. Moving averages indicate a short-term bearish trend for the pair. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the US Dollar and a potential continuation of the fall in prices from the current levels. As part of the forecast for the Japanese Yen exchange rate for October 29, 2020, we should expect an attempt to develop a fall and a test of the support area near the level of 104.05. Further, the rebound and continued growth of the USD/JPY pair to the area above the level of 105.85.
USD/JPY Forecast Japanese Yen October 29, 2020
An additional signal in favor of raising 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 breakdown of the upper border of the descending channel. Cancellation of the option to raise the Dollar/Yen currency pair will be a fall and a breakdown of the level of 103.70. 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 102.05. With the breakdown of the resistance area and closing of quotations above the level of 105.25, 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 USD/JPY pair, it is worth highlighting: Japan Retail Sales m/m, Bank of Japan (BoJ) Interest Rate Decision, Bank of Japan (BoJ) Press Conference.
USD/JPY Forecast Japanese Yen October 29, 2020 implies an attempt to test the resistance area near 104.05. Then, the continuation of the fall in quotations to the area below the level of 105.85. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the pair. Cancellation of the fall option will be a strong growth and a breakdown of the 103.70 area. This will indicate a breakdown of the resistance level and continued growth for the pair with a potential target above the level of 102.05.
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