Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of 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 105.85. Moving averages indicate the presence of a short-term downtrend for the pair. As part of the forecast of the Japanese Yen rate on August 29, 2019, we should expect an attempt to grow and test the resistance area near the level of 106.65. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 103.40.
USD/JPY Forecast Japanese Yen August 29, 2019
A test of the downward resistance line on the relative strength index (RSI) will be in favor of reducing the USD/JPY currency pair. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling the currency pair Dollar/Yen will be a strong growth and the breakdown level of 107.35. 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 109.15. With the breakdown of the support area and closing of quotes below the level of 104.25, we should expect confirmation of the development of a decline in the pair.
USD/JPY Forecast Japanese Yen August 29, 2019 implies an attempt to test the resistance area near the level of 106.65. Then the continuation of the fall of quotations in the area below the level of 103.40. 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 107.35. This will indicate a breakdown of the resistance level and continued development of the pair rise with a potential target above the level of 109.15.
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