Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the 108.81 area. The pair continues to move as part of the decline and the formation of the bull wave «Wolfe Wave». 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 108.20. Then rebound and continued growth of the pair to the area above the level of 111.45.
USD/JPY Forecast and Analysis June 3 — 7, 2019
In favor of the growth of a pair of Dollar/Yen will test the rising trend line on the indicator of relative strength index (RSI). The second signal will be a rebound from the lower border of the «Wolfe Wave» model. Cancellation of the growth option of the pair USD/JPY in the current trading week of June 3 — 7, 2019 will be a fall and a breakdown of the area of 106.70. This option will indicate a breakdown of the lower boundary of the model and the continuation of the pair decline on Forex to the area below 104.45. Confirmation of growth for the pair USD/JPY will be the breakdown of the resistance area and the closure above 110.05.
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 June 3 — 7, 2019 suggests an attempt to test the support level near the area of 108.20. Where can we expect to continue the growth of the pair in the area above 111.45. An additional signal in favor of the rise will be the test of the trend line on the relative strength index (RSI). Cancellation of the growth of the pair will be the fall and the breakdown level 106.70. This will indicate a continued decline in the pair with a potential target below 104.45.
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