The quotes of the Dollar Yen USD/JPY currency pair continue to move within the correction and the ascending channel. At the time of publication of the forecast, the US Dollar exchange rate against the Japanese Yen is 109.52. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from buyers of the US Dollar and the potential continuation of price growth from current levels. As part of the forecast of the Japanese Yen for June 11, 2021, we should expect an attempt to develop a correction and test the support area near the level of 108.65. Further, the rebound and the continuation of the growth of the USD/JPY pair in the area above the level of 111.65.
An additional signal in favor of the rise of the USD/JPY currency pair will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the growth option of the Dollar-Yen currency pair will be a fall and a breakdown of the level of 107.55. This will indicate the breakdown of the support area and the continuation of the fall of the Dollar Yen pair. In this case, we should expect the pair to continue to decline to the area below the level of 105.05. With the breakdown of the resistance area and the closing of quotes above the level of 110.75, we should expect confirmation of the development of a bullish movement in the pair.
Forex USD/JPY. Dollar Yen forecast for June 11, 2021
Important news from Japan, which may affect the exchange rate of the USD/JPY pair, is not expected, so the pair will continue to move within the framework of technical analysis.
Thus, the USD/JPY forecast for the Dollar Yen on June 11, 2021 suggests an attempt to test the support area near the level of 108.65. Then, the continuation of the growth of quotations in the area above the level of 111.65. The trend line test on the relative strength indicator will be in favor of the pair's rise. The cancellation of the growth option will be a fall and a breakdown of the 107.55 area. This will indicate a breakdown of the support level and a continuation of the decline in the pair with a potential target below the level of 105.05.