Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 115.31. The pair continues to move as part of the correction and the formation of the “Triangle” pattern. Moving averages indicate a bullish trend. Prices have gone up from 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 a decline and test the support level near the area of 114.45. Then, a rebound up and continued growth of the fall of the pair to the area below the level of 121.45.
USD/JPY Weekly Forecast March 7 — 11, 2022
An additional signal in favor of the growth 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 boundary of the rising channel, as well as from the lower boundary of the Triangle model. Cancellation of the option to raise the USD/JPY pair in the current trading week March 7 — 11, 2022 will be a fall and a breakdown of the 111.55 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 109.05. A confirmation of the growth in the USD/JPY pair will be a breakdown of the resistance area and closing of the price above the level of 117.25, which will indicate the breakdown of the upper border of the “Triangle” model and the beginning of this pattern.
Among the important news from Japan that may have an impact on the exchange rate of the Japanese Yen, it is worth highlighting: Japan’s Gross Domestic Product (GDP) q/q.
USD/JPY Weekly Forecast March 7 — 11, 2022 suggests an attempt to test the support level near the area of 114.45. Where should we expect the pair to continue rising to the area above the level of 121.45. 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 decline and a breakdown of the level of 111.55. This will indicate a continued decline in the pair with a potential target below the 109.05 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
