Currency USD/JPY is trading at 113.68. 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 October 29, 2021
As part of the forecast, the Dollar/Yen pair is expected to test the level of 113.90. 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 112.80. The conservative area for sales of the USD/JPY pair is located near the upper border of the Bollinger Bands indicator strip at 114.20.
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 116.20 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 October 29, 2021 suggests a test level of 113.90. Further, it is expected to continue falling to the area below the level of 112.80. The conservative selling area is located area of 114.20. The cancellation of the USD/JPY pair fall option will be the breakdown of the level of 116.20. In this case, we should expect continued growth.