USD / JPY Forecast and Dollar Yen on 01/22/2021
At the moment, the indicator of the Dollar / Yen rate is moving as part of the correction, it is at the level of 103.59. Movements are being made that exceed the cloud of the technical indicator Ichimoku and indicate that the bulls have the advantage now.
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On tomorrow, January 22, 2021, the advantage on the USD / JPY rate will be in the “bullish” trend, this will be confirmed by testing near the level of 103.15, after which it will remain in the uptrend. Forecasting price marks for the course, which will be directed to the level of 105.35, will follow from this level.
A test of such an upward trend will be testing the support area, which will be complemented by a change in the direction of prices from the lower line of the “Triangle” figure. When passing through the resistance area, as well as when the price changes above the level of 103.15, one should notice a further rise in the increasing direction, which will follow to the level of 105.35.
However, one should not exclude the possibility of a downward trend in the quotes of the price level of the dollar / yen rate, the consequence of which will be the advantage of the bears. Also, in the future, a change in the price level will be expected with a decrease to the level of 102.65. In the future, we should expect the fixation of the downward direction and the drop in quotations will follow near the level of 100.45.
Based on the above, it should be noted that tomorrow, January 22, 2021, the USD / JPY rate will test the level of 103.15, after which the bulls will have the advantage. In the future, the rate quotes will increase and head to the level of 105.35, which will be tested by testing the support level. But do not forget the possibility of a downward trend for tomorrow, the consequence of which the Dollar / Yen rate will break the level of 102.65. The bears will have the advantage and the quotes will go to the level of 100.45.