Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the decline and the beginning of the development of the «Triangle» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 105.20. Moving averages indicate the presence of a short-term downtrend for the pair. As part of the forecast for the Japanese Yen on August 13, 2019, we should expect an attempt to develop a correction and test the resistance area near the level of 105.65. Further, the rebound and continued fall of the pair USD/JPY to the area below the level of 104.05.
USD/JPY Forecast Japanese Yen August 13, 2019
In favor of reducing the USD/JPY currency pair, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the option to reduce the currency pair Dollar Yen will be a strong growth and the breakdown level of 106.45. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Yen pair. In this case, we should expect the pair to continue to rise to the area above the level of 109.05. With the breakdown of the support area and closing of quotes below the level of 104.75, we should expect confirmation of the development of a decline in the pair.
USD/JPY Forecast Japanese Yen August 13, 2019 implies an attempt to test the resistance area near the level of 105.65. Then the continuation of the fall in quotations to the area below the level of 104.05. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the pair. Cancellation of the reduction option will be a strong growth and a breakdown of the area of 106.45. This will indicate a breakdown of the resistance level and the continued development of the pair rise with a potential target above 109.05.
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