Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the decline and the formation of an inverted «Head and Shoulders» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 111.10. Moving averages indicate the presence of an upward trend in the pair. At the moment, we should expect an attempt to fall and test the support area near the level of 110.80. Further, the continued growth of the USD/JPY pair to the area above the level of 112.35.
USD/JPY Forecast Japanese Yen April 12, 2019
In favor of the fall of the pair USD/JPY will test the resistance line on the indicator of relative strength index (RSI). The second signal will be the completion of the formation of an inverted «Head and Shoulders» model. Cancellation of growth options for the pair Dollar/Yen will be the fall and the breakdown of the level of 110.00. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Yen pair. With the breakdown of the resistance area and the closure of quotations above the level of 112.10, we should expect confirmation of the development of growth in the pair.
USD/JPY Forecast Japanese Yen April 12, 2019 implies an attempt to test the support area near the level of 110.80. Then, the growth of quotations to the area above the level of 112.35. A test of the trend line on the relative strength index (RSI) will be in favor of the rise of the pair. Cancellation of growth options will fall and the breakdown of the area 110.00. This will indicate a breakdown of the support level and the continuation of the development of a downward movement in a pair with a potential target below 109.05.
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