Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 113.75. The pair continues to move within the framework of the growth and the rising channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from US Dollar buyers and a potential continuation of the rise. At the moment, we should expect an attempt to develop growth and test the resistance level near the area of 112.25. Then, a rebound upwards and the continuation of the growth of the pair to the area above the level of 118.95.
USD/JPY Weekly Forecast January 17 — 21, 2022
An additional signal in favor of the rise of the Dollar/Yen pair in the current trading week will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the rising channel. Cancellation of the growth option for the USD/JPY pair in the current trading week January 17 — 21, 2022 will be a fall and a breakdown of the 110.55 area. This option will indicate a breakdown of the support area and the continued fall of the pair on Forex to the area below the level of 107.65. A confirmation of the rise in the USD/JPY pair will be a breakdown of the support area and closing of the price under the level of 116.45.
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: Bank of Japan (BoJ) Interest Rate Decision, Bank of Japan (BoJ) Press Conference.
USD/JPY Weekly Forecast January 17 — 21, 2022 suggests an attempt to test the support level near the area of 112.25. Where should we expect the pair to continue rising to the area above the level of 118.95. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the pair’s rise option will be a fall and a breakdown of the level of 110.55. This will indicate a continued decline in the pair with a potential target below the 107.65 area.
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