USD/JPY Yen forex forecast for May 13, 2021
The quotes of the Dollar Yen USD/JPY forex currency pair continue to move within the growth and formation of the bullish "Wolf Wave" model. At the time of publication of the forecast, the US Dollar exchange rate against the Japanese Yen is 109.35. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices moved up from 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 Japanese Yen for May 13, 2021, we should expect an attempt to develop growth and test the resistance area near the level of 109.95. Then, a rebound and a continuation of the fall of the USD/JPY pair to the area below the level of 106.45.
USD/JPY Yen trading forecast for May 13, 2021
An additional signal in favor of a decline in the USD/JPY currency pair will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper boundary of the bullish Wolf Wave pattern. The cancellation of the fall of the Dollar Yen currency pair will be a strong growth and a breakdown of the level of 110.65. This will indicate the breakdown of the resistance area and the continuation of the growth of the Dollar Yen pair. In this case, we should expect the pair to continue rising to the area above the level of 112.55. With the breakdown of the support area and the closing of quotes below the level of 108.05, we should expect confirmation of the development of a downward movement in the pair.
USD/JPY Yen forex signal for May 13, 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 signal for Dollar Yen on May 13, 2021 suggests an attempt to test the resistance area near the level of 109.95. Then, the continuation of the fall of quotations to the area below the level of 106.45. In favor of the pair's decline, the trend line test on the relative strength indicator will act. The cancellation of the fall option will be a strong growth and a breakdown of the 110.65 area. This will indicate a breakdown of the resistance level and a continuation of the rise in the pair with a potential target above the level of 112.55.