Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the fall and the formation of the “Head and Shoulders” reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 109.53. Moving averages indicate a short-term bearish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from the sellers of the US Dollar and a potential continuation of the price decline from the current levels. As part of the forecast for the Japanese Yen exchange rate for September 23, 2021, we should expect an attempt to develop a fall and a test of the support area near the level of 109.25. Further, an upward rebound and a continuation of the rise of the USD/JPY pair to the area above the level of 110.55.
USD/JPY Forecast Japanese Yen September 23, 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 “Head and Shoulders” pattern. Cancellation of the option to raise the Dollar/Yen currency pair will be a fall and a breakdown of the level of 108.75. 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 106.85. With the breakdown of the resistance area and closing of quotations above the level of 109.95, which will indicate the completion of the formation of the ”Head and Shoulders” pattern.
USD/JPY Forecast Japanese Yen September 23, 2021 implies an attempt to test the support area near 109.25. Then, the continued growth of quotations to the area above the level of 110.55. 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 108.75 area. This will indicate a breakdown of the support level and a continued fall in the pair with a potential target below 106.85.
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