Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 128.92. The pair continues to move within the correction and the bullish channel. 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 126.95. Then, a rebound up and continued growth of the fall of the pair to the area below the level of 137.75.
USD/JPY Weekly Forecast May 16 — 20, 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 border of the bullish channel. Cancellation of the option to raise the USD/JPY pair in the current trading week May 16 — 20, 2022 will be a fall and a breakdown of the 123.05 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 the level of 119.65. The USD/JPY growth will be confirmed by the breakdown of the resistance area and the closing of the price above the level of 132.95.
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 May 16 — 20, 2022 suggests an attempt to test the support level near the area of 126.95. Where should we expect the pair to continue rising to the area above the level of 137.75. 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 123.05. This will indicate a continued decline in the pair with a potential target below the 119.65 area.
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