Currency USD/JPY is trading at 109.94. 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 quotes of the pair are moving near the middle border of the Bollinger Bands indicator stripes.
USD/JPY forecast Japanese Yen on January 23, 2020
As part of the forecast, the pair Dollar/Yen is expected to test the level of 109.80. Where should 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 110.70. The conservative buying area for the USD/JPY pair is located near the lower border of the Bollinger Bands indicator strip at 109.70.
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 stripes. As well as the moving average with a period of 55 and closing of quotations of the pair below the area of 108.20. This will indicate a change in the current trend in favor of the bearish for USD/JPY. In case of breakdown of the upper border of the Bollinger Bands indicator strip, growth should be expected.
USD/JPY forecast Japanese Yen on January 23, 2020 suggests a test level of 109.80. Further, growth is expected to continue to the area above the level of 110.70. The conservative buying area is located is near the area of 109.70. The cancellation of the growth option for the USD/JPY pair will be the breakdown of the level of 108.20. In this case, we should expect continued fall.