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USD/JPY forecast for the week on February 23-26

The forecast of the Japanese yen rate is made before the beginning of the Japanese session, at low volatility time. The yen has fulfilled all the targets set earlier in the forecasts. The yen rate tested the 104.6 support level plus the 106 resistance level tested. All this is in the previous forecasts. The level 106 was designated by us as a target almost a month ago.

Let's look at the price chart and predict the further movement of the USD/JPY currency pair.

As previously assumed, on higher timeframes (daily chart), we see a breakdown of the downtrend, a breakout of the trend line, and a 38% retracement from the previous downtrend. The pattern, on the basis of which we predicted a rise to the resistance level 106, suggests two scenarios for the development of events.

The first option is an attempt to return to the downtrend on the daily chart and test the 103.7 level.
In the second scenario, an earlier rebound and a continuation of the upward trend are possible.

USD/JPY forecast for the week on February 23-26

That is why the first buy position, with a stop loss below 102, should be opened immediately, at the market price. At 105.6, it is recommended to place a sell limit order with a short stop in order to capture part of the retracement movement of the higher timeframe, with a target in the 103-104 region.

If the USD/JPY rate falls below the level of 104.8, it is recommended to open the main buy order closer to 103.5.

Thus, the forecast of the yen rate USD/JPY for the week of February 22-26 assumes a decrease in the Japanese yen rate to the 103.5 area, which gives traders a number of opportunities to open positions for both purchase and sale.

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