Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move in the framework of strong growth and the beginning of working out the 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 111.93. Moving averages indicate the presence of a short-term upward trend for the pair. At the moment, we should expect an attempt to fall and test the support area near the level of 111.50. Further, the continued growth of the pair USD/JPY to the area above the level of 112.75.
USD/JPY Forecast Japanese Yen April 16, 2019
The test of the support line on the relative strength index (RSI) will be in favor of the growth of the USD/JPY pair. The second signal will be a rebound from the lower boundary of the rising channel. Cancellation of the growth of the pair Dollar/Yen will be the fall and the breakdown level of 111.10. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar Yen pair. In this case, we should expect the continuation of the pair in the area below the level of 109.90. With the breakdown of the resistance area and closing of quotes above the level of 112.35, we should expect confirmation of the development of growth in the pair.
USD/JPY Forecast Japanese Yen April 16, 2019 implies an attempt to test the support area near the level of 111.50. Then, the growth of quotations to the area above the level of 112.75. A test of the trend line on the relative strength index (RSI) will be in favor of the rise of the pair. Cancellation of the growth option will be the fall and the breakdown of the area 111.10. This will indicate a breakdown of the support level and the continuation of the development of the downward movement in a pair with a potential target below the level of 109.90.
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