Quotes of the pair USD/JPY US Dollar to Japanese Yen end the trading week near the 114.38 area. The pair continues to move within the framework of the growth and the ascending channel. Moving averages indicate a bullish trend. Prices have broken the area between the signal lines upward, which indicates pressure from the US dollar buyers and a potential continuation of the rise. At the moment, we should expect an attempt to develop a correction and a test of the support level near the 112.65 area. Then, the rebound and the continuation of the rise of the pair to the area above the level of 119.85.
USD/JPY Weekly Forecast December 27 — 31, 2021
An additional signal in favor of the rise of the Dollar/Yen pair in the current trading week will be a test of the rising trend 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 USD/JPY pair in the current trading week December 27 — 31, 2021 will be a fall and a breakdown of the 110.45 area. This option will indicate a breakdown of the support area and the continuation of the fall of the pair on Forex to the area below 107.55. Confirmation of the rise in the USD/JPY pair will be the breakdown of the resistance area and the closing of the price above the level of 116.45.
Among the important news from Japan, which may have an impact on the Japanese Yen rate, it is worth highlighting: Japan Retail Sales m/m.
USD/JPY Weekly Forecast December 27 — 31, 2021 implies an attempt to test the support level near the 112.65 area. Where can we expect the pair to continue to grow to the area above the level of 119.85. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the pair will be a fall and a breakdown of the level of 110.45. This will indicate a continued decline in the pair with a potential target below the 107.55 area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
