Currency USD/JPY is trading at 108.56. 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 March 24, 2021
As part of the forecast, the Dollar/Yen pair is expected to test the level of 108.80. Where can we expect an attempt to continue 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 107.60. The conservative area for sales of the USD/JPY pair is located near the upper border of the Bollinger Bands indicator strip at 109.20.
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 closing of quotations of the pair above the 110.50 area. This will indicate a change in the current trend in favor of the bullish for USD/JPY. In the event 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 March 24, 2021 suggests a test level of 108.80. Further, the continuation of the fall to the area below the level of 107.60 is expected. The conservative selling area is located near the area of 109.20. The cancellation of the USD/JPY pair fall option will be the breakdown of the 110.50 level. In this case, we should expect continued growth.