Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 106.83. The pair continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to reduce and test the support level near the area of 106.15. Then a rebound and continued growth of the pair to the area above the level of 112.20.
USD/JPY Forecast and Analysis August 5 — 9, 2019
In favor of the rise of the Dollar/Yen pair, a test of the ascending trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending Wolfe Wave model. Cancellation of the growth option for the USD/JPY pair in the current trading week August 5 — 9, 2019 will be a fall and a breakdown of the 104.15 area. This option will indicate a breakdown of the lower boundary of the model and a continued decline in the FOREX pair to the area below the level of 102.55. A confirmation of the growth for the pair USD/JPY will be a breakdown of the upper border of the downward channel and closing above 109.15.
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: Japan’s Gross Domestic Product (GDP) q/q.
USD/JPY Forecast and Analysis August 5 — 9, 2019 implies an attempt to test the support level near the area of 106.15. Where can we expect continued growth of the pair in the region above the level of 112.20. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the pair will be a fall and a breakdown of the level of 104.15. This will indicate a continued decline in the pair with a potential target below the area of 102.55.
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