Currency USD/JPY is trading at 105.54. Quotes of the pair are trading below the moving average with a period of 55. This indicates the presence of a bearish trend for the pair Dollar/Yen. At the moment, the pair quotes are moving near the lower border of the Bollinger Bands indicator bars.
USD/JPY forecast Japanese Yen on August 7, 2020
As part of the forecast, the Dollar/Yen pair is expected to test the level of 105.80. Where can we expect an attempt at the continuation of the fall of the USD/JPY pair and the further development of the downward trend. The purpose of this movement is the area near the level of 104.50. The conservative area for sales of the USD/JPY pair is located near the upper border of the Bollinger Bands indicator strip at 106.30.
Cancellation of the option to continue the fall of the Dollar/Yen pair will be a breakdown of the upper border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of quotations of the pair above the 107.20 area. This will indicate a change in the current trend in favor of the bullish for USD/JPY. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall.
USD/JPY forecast Japanese Yen on August 7, 2020 suggests a test level of 105.80. Further, it is expected to continue falling to the area below the level of 104.50. The conservative selling area is located area of 106.30. The cancellation of the USD/JPY pair fall option will be the breakdown of the level of 107.20. In this case, we should expect continued growth.