Currency USD/JPY is trading at 103.98. 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 January 20, 2021
As part of the forecast, the Dollar/Yen pair is expected to test the level of 103.80. Where can we expect an attempt to continue the growth of the USD/JPY pair and the further development of the upward trend. The purpose of this movement is the area near the level of 104.50. The conservative buying area for the USD/JPY pair is located near the lower border of the Bollinger Bands indicator strip at 103.60.
Cancellation of the option to continue the growth of the Dollar/Yen pair will be a breakdown of the area 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 101.80 area. 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 January 20, 2021 suggests a test level of 103.80. Further, growth is expected to continue to the area above the level of 104.50. The conservative area for buying is located area of 103.60. The cancellation of the growth option for the USD/JPY pair will be the breakdown of the level of 101.80. In this case, we should expect the fall to continue.