USD / JPY Forecast and Dollar Yen on 04/08/2021
To date, the indicator of the Dollar / Yen rate is moving in an upward trend, it is at the level of 109.71. It is also worth paying attention to the fact that quotes are now continuing to move within the ascending channel. Movements are being made that exceed the cloud of the technical indicator Ichimoku and indicate that the bulls have the advantage now.
As of tomorrow, April 8, 2021, the bullish trend will have an advantage on the USD / JPY rate, this will be confirmed by testing near the level of 108.05, after which it will remain in the uptrend. Forecasting price marks for the rate, which will be directed to the level of 111.75, will follow from this level.
Testing of such an upward trend will be testing of the support area, which will be complemented by a change in the direction of prices from the lower line of the “Triangle” figure. Upon passing through the resistance area, as well as when the price changes above the level of 109.25, one should notice a further rise in the downward direction, which will follow to the level of 112.55.
However, one should not exclude the possibility of a downward trend in the quotes of the dollar-to-yen rate, which will result in the bears’ advantage. Also, in the future, a change in the price level will be expected with a decrease to the level of 108.05. In the future, we should expect a fixation of a downward trend, after which a drop in quotations will follow near the level of 105.65.
It should be noted that on tomorrow, April 8, 2021, the USD / JPY quotes will be tested at 109.25, as a result of which the bulls will have the advantage. Further, the price level will develop in an upward direction and follow to the level of 112.55, which will be confirmed by the test of the support area. However, one should not forget the likelihood of a downward trend on the next day, as a result, the rate of the US Dollar to the Yen will break through the 108.05 mark. This time the bears will have the advantage and the price level will go to the level of 105.65.
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