Currency pair USD/JPY US Dollar to Japanese Yen is trading at 105.54. The pair is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in the Dollar/Yen pair. Ichimoku Kinko Hyo signal line area test is near the 105.75 level, from which it is expected to attempt a rebound and continue falling of the pair with the target near the level of 103.90.
Japanese Yen forecast USD/JPY on March 8, 2018
An additional signal in favor of reducing the pair will be a test of the resistance level, as well as a test of the upper boundary of the bearish channel. Earlier, the signal was a strong signal for the sell of the Dollar/Yen pair, due to the crossing of the signal lines at the level of 107.05.
The cancellation of the fall of the pair’s quotations will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the area of 106.55, indicating a change in the bearish trend in favor of the bullish trend. Expect the acceleration of USD/JPY quotes falling with the breakdown of the support area and the closing below the level of 104.85.
