The quotes of the Dollar Yen USD/JPY currency pair finish the trading week near the area of 109.48. The pair continues to move within the correction and the ascending channel. Moving averages indicate a bullish trend. 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 109.05. Then, a rebound and a continuation of the pair's rise to the area above the level of 113.85.
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 lower border of the bullish channel. Here, a bullish "5-0" pattern is also formed, which assumes that the price will update the maximum. The cancellation of the USD/JPY pair's rise option in the current trading week of June 14-18, 2021 will be a fall and a breakdown of the 107.25 area. This option will indicate a breakdown of the support area and the continuation of the pair's fall in the Forex market to the area below the 100.95 level. Confirmation of the rise in the USD/JPY pair will be the breakdown of the resistance area and the closing of the price above the level of 110.95, which will indicate a breakdown of the upper limit of the descending channel.
USD/JPY Dollar Yen forecast for the week of June 14-18, 2021
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: The Bank of Japan's Interest Rate Decision (Bank of Japan (BoJ) Interest Rate Decision), the Bank of Japan's Press Conference (Bank of Japan (BoJ) Press Conference).
Thus, USD/JPY the Dollar Yen forecast for the week of June 14 - 18, 2021 suggests an attempt to test the support level near the area of 109.05. From where we should expect the pair to continue growing in the area above the level of 113.85. 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 107.25. This will indicate a continuation of the decline of the pair with a potential target below the area of 100.95.