Currency USD/JPY is trading at 106.68. 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 quotes of the pair are moving near the lower border of the Bollinger Bands indicator stripes.
USD/JPY weekly forecast on May 11 — 15, 2020
As part of the forecast, the pair Dollar/Yen is expected to test the level of 107.20. Where should 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 103.60. The conservative area for sales of the USD/JPY pair is located near the upper border of the Bollinger Bands indicator strip at 108.20.
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 bands. As well as the moving average with a period of 55 and the closing of quotations of the pair above the area of 110.50. This will indicate a change in the current trend in favor of the bullish for USD/JPY. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall.
USD/JPY weekly forecast on May 11 — 15, 2020 suggests a test level of 107.20. Further, it is expected to continue falling to the area below the level of 103.60. The conservative sale area is located is near the area of 108.20. The cancellation of the fall of the USD/JPY pair will be the breakdown of the level of 110.50. In this case, we should expect continued growth.