Currency USD/JPY is trading at 111.48. 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 October 7, 2021
As part of the forecast of the Dollar/Yen pair, a test of the level of 111.20 is expected. 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 112.10. The conservative buying area for the USD/JPY pair is located near the lower border of the Bollinger Bands indicator bars at 110.70.
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 area of 109.50. 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, we should expect an acceleration of growth.
USD/JPY forecast Japanese Yen on October 7, 2021 suggests a test level of 111.20. Further, growth is expected to continue to the area above the level of 112.10. The conservative area for buying is located area of 110.70. The cancellation of the growth option for the USD/JPY pair will be the breakdown of the level of 109.50. In this case, we should expect a continuation of the fall.