Currency USD/JPY is trading at 105.24. Quotes of the pair are trading above the moving average with a period of 55. This indicates the presence of a bullish trend for the pair Dollar/Yen. At the moment, the pair quotes are moving near the upper border of the Bollinger Bands indicator bars.
USD/JPY forecast Japanese Yen on February 5, 2021
As part of the forecast, the Dollar / Yen pair is expected to test the level of 105.00. Where can we expect an attempt to continue the growth of the USD/JPY pair and further develop the upward trend. The purpose of this movement is the area near the level of 105.80. The conservative buying area for the USD/JPY pair is located near the lower border of the Bollinger Bands indicator bars at 104.70.
Cancellation of the option to continue the growth of the Dollar/Yen pair will be a breakdown of the lower border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and closing of quotations of the pair below the area of 102.50. This will indicate a change in the current trend in favor of the bearish for USD/JPY. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.
USD/JPY forecast Japanese Yen on February 5, 2021 suggests a test level of 105.00. Further, growth is expected to continue to the area above the level of 105.80. The conservative area for buying is located area of 104.70. The cancellation of the growth option for the USD/JPY pair will be the breakdown of the level of 102.50. In this case, we should expect the fall to continue.