Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the formation 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 106.08. Moving averages indicate the presence of a short-term downtrend for the pair. As part of the forecast for the Japanese Yen on August 9, 2019, we should expect an attempt to develop growth and test the resistance area near the level of 106.65. Further, the rebound and continued fall of the pair USD PY to the area below the level of 104.25.
USD/JPY Forecast Japanese Yen August 9, 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 upper boundary of the downward channel. Cancellation of the option to reduce the currency pair Dollar/Yen will be a strong growth and the breakdown level of 107.15. 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 105.05, we should expect confirmation of the development of a decline in the pair.
Among the important news from Japan, which may affect the rate of the USD/JPY pair, it is worth highlighting: Japan’s Gross Domestic Product (GDP) q/q.
USD/JPY Forecast Japanese Yen August 9, 2019 implies an attempt to test the resistance area near the level of 106.65. Then the continuation of the fall of quotations to the area below the level of 104.25. 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 the breakdown of the area of 107.15. This will indicate a breakdown of the resistance level and the continued development of the pair rise with a potential target above 109.05.
