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USD/JPY forecast and signal for the week of April 26-30, 2021

The quotes of the Dollar Yen USD/JPY currency pair finish the trading week near the area of 107.91. The pair continues to move within the fall 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 107.25 area. Then, a rebound and a continuation of the pair's rise to the area above the 112.85 level.

 

USD/JPY forecast and signal for the week of April 26-30, 2021

 

An additional signal in favour 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, where the bullish pattern ”5-0”is also formed. The cancellation of the option of lifting the USD/JPY pair in the current trading week on April 26-30, 2021 will be a fall and a breakdown of the 105.45 area. This option will indicate the breakdown of the support area and the continuation of the fall of the pair in Forex to the area below the level of 98.55. 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 111.75, which will indicate a breakdown of the upper limit of the descending channel.

 

USD/JPY forecast and signal for the week of April 26-30, 2021

 

Among the important news from Japan that may affect the Japanese Yen, it is worth highlighting: The Bank of Japan Interest Rate Decision (Bank of Japan (BoJ) Interest Rate Decision), the Bank of Japan Press Conference (Bank of Japan (BoJ) Press Conference), Retail sales in Japan m/m (Japan Retail Sales m/m).

Thus, USD/JPY the Dollar Yen forecast for the week of April 26 — 30, 2021 suggests an attempt to test the support level near the area of 107.25. From where we should expect the pair to continue growing to the area above the level of 112.85. An additional signal in favour 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 105.45. This will indicate a continuation of the pair's decline with a potential target below the 98.55 area.

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