USD/JPY Forecast. Forex Technical Analysis

jpyUSDJPY is trading at 107.54; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 107.45 and then resume moving upwards to reach 108.55. Another signal in favor of further uptrend will be a rebound from the support level.

However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 107.05. In this case, the pair may continue falling towards 106.25. To confirm further growth, the asset must break the resistance and fix above 108.05, thus completing an Inverted Head & Shoulders pattern.

USDJPY

Orgin: RoboForex

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