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USD/JPY forecast for Japanese yen on february 3, 2021 today

The forecast of the Japanese yen rate is made at the very beginning of the Japanese session, at the rate of 105 yen per dollar. The USD/JPY currency pair is in an upward trend, the dollar rate against the yen has been growing since the end of February, with practically no pullbacks.

Important news from Japan is expected, with Deputy Governor of the Bank of Japan Mazazumi Wakabate to deliver a speech. Therefore, increased volatility is possible in the foreign exchange market for the pairs associated with the yen. On the daily and 4-hour charts, trends will develop as part of technical analysis.

USD/JPY forecast for Japanese yen on february 3, 2021 today

The support level for the yen rate is $ 104.6, at this level is the slow red line of the Ichimoku indicator. The indicator itself, its cloud, is below the yen quotes, which indicates an upward trend in USD/JPY.

As part of the weekly forecast for the Japanese yen, an upward trend is expected to develop, with testing the resistance level 106.

Thus, the forecast for the yen rate for February 3 suggests a short-term pullback, a rebound from the support level of 104.6, and a continuation of the upward trend, with a target of 106 yen per dollar.

It is recommended to place a buy limit order before the support level.

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