Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 108.03. The pair continues to move within the decline 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 107.45. Then rebound and continued growth of the pair to the area above the level of 113.35.
USD/JPY Forecast and Analysis July 8 — 12, 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 option of the USD/JPY pair in the current trading week July 8 — 12, 2019 will be a fall and a breakdown of the area of 106.05. 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 103.55. Confirmation of growth for the pair USD/JPY will be a breakdown of the upper boundary of the downward channel and closing above the level of 110.25.
Among the important news from Japan that may have an impact on the Japanese Yen rate, it is not expected to highlight: Bank of Japan (BoJ) Governor Kuroda Speech.
USD/JPY Forecast and Analysis July 8 — 12, 2019 suggests an attempt to test the support level near 107.45. Where can we expect the growth of the pair to the area above the level of 113.35. 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 106.05. This will indicate a continued decline in the pair with a potential target below 103.55.