Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and formation of 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 111.47. Moving averages indicate the presence of an upward trend in the pair. At the moment, we should expect an attempt to grow and test the resistance area near the level of 111.70. Further, the continuation of the fall of the USD/JPY pair to the area below the level of 110.80.
USD/JPY Forecast Japanese Yen April 9, 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 a rebound from the resistance area. Cancellation of the fall of the pair Dollar/Yen will be a strong growth and the breakdown level of 111.95. This will indicate a breakdown of the area of resistance and continued growth of the pair Dollar/Yen. With the breakdown of the support area and closing of quotes below the level of 111.20, we should expect confirmation of the development of the fall in the pair.
USD/JPY Forecast Japanese Yen April 9, 2019 involves an attempt to test the resistance area near the level of 111.70. Then, the continuation of the fall of quotations to the area below the level of 110.80. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the pair. Cancellation of the fall option will be a strong growth and the breakdown of 111.95. This will indicate the breakdown of the resistance level and the continuation of the upward movement of the pair with a potential target above the level of 112.95.
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