USD/JPY Analysis October 22, 2020

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An additional signal in favor of the decline in the USD / JPY currency pair will be a test of the resistance line in the Relative Strength Index (RSI). The second signal will be a bounce off the “Neck” line of the reversal pattern. The cancellation of the option to drop the dollar/yen currency pair will mean strong growth and a fall of the 105.95 level. This will indicate a collapse of the support area and continued growth of the dollar/yen pair. In this case, we should expect the pair to continue rising to the area above the 107.45 level. With the break of the support area and the closing of quotes below the 104.05 level, we should await confirmation of the development of a bearish movement in the pair.

USD / JPY Japanese Yen Forecast October 22, 2020, involves an attempt to test the resistance area near the 104.95 level. Then, the continuation of the fall in prices to the area below the level of 103.55. A test of the trend line on the RSI will be in favor of cutting the pair down. The cancellation of the fall option will mean strong growth and a breakout of the 105.95 area. This will indicate a collapse of the resistance level and continued growth for the pair with a potential target above 107.45.

About the author

Nafees Saifi // entrepreneur, author, trainer, and stocks and FX trader. 
Nafees Saifi is a professional FX trader from, India. Nafees has extensive experience trading commodities, bonds, and equity futures in the Asian, European, and US markets. Nafees holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.



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