Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the correction and the downward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 109.12. Moving averages indicate a short-term bullish trend for the pair. As part of the forecast for the Japanese Yen on August 2, 2019, we should expect an attempt to reduce and test the support area near the level of 108.75. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 109.95.
USD/JPY Forecast Japanese Yen August 2, 2019
In favor of the growth of the USD/JPY currency pair, a test of the support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the rising channel. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 108.30. This will indicate a breakdown of the support area and a continued decline in the Dollar/Yen pair. In this case, we should expect continued decline in the pair to the area below the level of 107.05. With the breakdown of the resistance area and the closing of quotes above 109.95, we should expect confirmation of the development of growth for the pair.
USD/JPY Forecast Japanese Yen August 2, 2019 implies an attempt to test the support area near the level of 108.75. Then continued growth of quotations to the area above the level of 109.95. A test of the trend line on the relative strength index (RSI) will be in favor of raising the pair. Cancellation of the growth option will be a fall and a breakdown of the area of 108.30. This will indicate a breakdown of the support level and continued development of a decline in the pair with a potential target below the level of 107.05.
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