Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the descending channel. At this point, we should expect an attempt to test the upper border of the channel near the level of 110.90 and continue falling to the area below the level of 109.40.
USD/JPY forecast & technical analysis January 23, 2018
In favor of the fall of the pair USD/JPY is the formation of the reversal model «Head and Shoulders» on the indicator of relative strength index (RSI).
The cancellation of the fall variant of the Dollar/Yen pair will result in a strong growth and breakdown at level 111.55, which will indicate the breakdown of the upper border of the channel and the continued growth of the pair USD/JPY on Forex. With the breakdown of the lower bound of the «Triangle» model and the closing below the level of 110.15, it is expected to accelerate the fall of the pair.
USD/JPY forecast & technical analysis January 23, 2018 suggests an attempt to test the upper boundary of the bearish channel and continue falling to an area below the level of 109.50, in favor of the fall, a trend line test will be performed on the relative strength index (RSI).
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