Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and the beginning of the development of the “Triangle” model. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 105.99. Moving averages indicate a short-term bearish trend for the pair. Prices have broken the area between the signal lines upwards, which indicates pressure from the US Dollar buyers and a potential continuation of the price growth from the current levels. As part of the forecast for the Japanese Yen exchange rate for October 9, 2020, we should expect an attempt to develop a correction and a test of the support area near the level of 105.55. Further, a rebound and continued growth of the USD/JPY pair to the area above the level of 108.35.
USD/JPY Forecast Japanese Yen October 9, 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 upper border of the “Triangle” pattern. Cancellation of the option to raise the Dollar/Yen currency pair will be a fall and a breakdown of the level of 104.05. 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 101.25. With the breakdown of the resistance area and closing of quotations above the level of 106.95, we should expect confirmation of the development of an upward movement in the pair and a breakdown of the upper border of the descending channel.
USD/JPY Forecast Japanese Yen October 9, 2020 suggests an attempt to test the support area near 105.55. Then, the continued growth of quotations to the area above the level of 108.35. 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 104.05 area. This will indicate a breakdown of the support level and continued fall in the pair with a potential target below 101.25.
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