USD/JPY Dollar Yen forecast for March 29 - April 2, 2021
The quotes of the Dollar Yen USD/JPY currency pair finish the trading week near the area of 109.56. The pair continues to move within the growth and ascending channel. Moving averages indicate a bearish trend. However, prices broke through the area between the signal lines up, which indicates pressure from buyers of the US dollar and the potential continuation of the rise. At the moment, we should expect an attempt to develop a correction and test the support level near the area of 107.45. Then, a rebound and a continuation of the pair's rise to the area above the level of 112.95.
An additional signal in favor of the rise of the Dollar-Yen pair in the current trading week will be a test of the ascending trend line on the relative strength indicator. The second signal will be a rebound from the upper limit of the descending channel. The cancellation of the option of lifting the USD/JPY pair in the current trading week on March 29 — April 2, 2021 will be a fall and a breakdown of the area of 105.75. This option will indicate a breakdown of the support area and the continuation of the fall of the pair on Forex to the area below the level of 99.65. Confirmation of the rise in the USD/JPY pair will be a breakdown of the resistance area and closing the price above the level of 111.25.
Among the important news from Japan that may affect the Japanese Yen, it is worth highlighting: Retail sales in Japan m/m( Japan Retail Sales m/m), the Bank of Japan Tankan Large Manufacturing Index (Bank of Japan (BoJ) Tankan Large Manufacturing Index), the Bank of Japan Tankan Large Non-Manufacturing Index (Bank of Japan (BoJ) Tankan Large Non-Manufacturing Index).
Thus, the USD/JPY forecast for the Dollar Yen on March 29 — April 2, 2021 suggests an attempt to test the support level near the area of 107.45. From where we should expect the pair to continue growing in the area above the level of 112.95. An additional signal in favor of the rise will be a test of the trend line on the relative strength indicator. The cancellation of the growth option of the pair will be a fall and a breakdown of the level of 105.75. This will indicate a continuation of the pair's decline with a potential target below the 99.65 area.