Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 108.65. 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 decrease and test the support level near the area of 106.95. Then rebound and continued growth of the pair to the area above the level 111.85.
USD/JPY Forecast and Analysis July 29 — August 2, 2019
In favor of the rise of a pair of Dollar/Yen will test the rising trend line on the indicator of relative strength. The second signal will be a rebound from the lower boundary of the ascending model «Wolfe Wave». Cancellation of the growth of the pair USD/JPY in the current trading week of July 29 — August 2, 2019 will be a fall and a breakdown of the area of 105.25. This option will indicate a breakdown of the lower boundary of the model and the continuation of the decline of the pair on Forex to the area below the level of 103.05. Confirmation of growth for the pair USD/JPY will be the breakdown of the upper boundary of the downward channel and closing above the level of 110.05.
Among the important news from Japan that may have an impact on the Japanese Yen rate, it is worth highlighting: Bank of Japan (BoJ) Press Conference, Bank of Japan (BoJ) Interest Rate Decision, Japan Retail Sales m/m.
USD/JPY Forecast and Analysis July 29 — August 2, 2019 involves an attempt to test the support level near the area of 106.95. Where can we expect to continue the growth of the pair in the area above the level of 111.85. An additional signal in favor of the rise will be the test of the trend line on the relative strength indicator. Cancellation of the growth of the pair will be the fall and the breakdown level of 105.25. This will indicate a continued decline in the pair with a potential target below area 103.05.
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