Welcome to the forum fellow traders and speculators!
Here’s the forecast for the US dollar/Japanese yen currency pair:
The price of the pair sharply declined during the past day, which resulted in the formation of a complete bearish candle. This managed to break through the local support level of 109.472 and consolidate below it and below the dynamic support level in the form of 21 EMAs. Today, the pair is expected to further decline. The nearest pivot point for this is the local support level of 108.393, from which two possible scenarios will be considered on how the situation will develop.
General scenario: If the price breaks through the above-mentioned support level and consolidates below it, the downward trend will continue to the next pivot point, which is the local support level of 106.952. Near which, a reversal candle may form, which will lead the price upwards.
Alternative scenario: If a reversal candle is formed from the initial support level (108.393), then the upward movement may resume. Here, the nearest pivot point will be the local resistance level of 109.372.
Good luck to all of you