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 109.59. Moving averages indicate a short-term bullish trend for the pair. As part of the Japanese Yen rate forecast for December 27, 2019, we should expect an attempt to fall and test the support area near the level of 109.35. Further, the rebound and continued growth of the USD/JPY pair to the area above the level of 111.55.
USD/JPY Forecast Japanese Yen December 27, 2019
An additional signal in favor of the growth of the USD/JPY currency pair will be a test of the rising support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the bullish channel. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 108.95. This will indicate a breakdown of the support area and the continued fall of 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 closing of quotes above the level of 110.05, we should expect confirmation of the development of bullish movement in the pair.
Among the important news from Japan, which may affect the USD/JPY rate, it is worth highlighting: Japan Retail Sales m/m.
USD/JPY Forecast Japanese Yen December 27, 2019 implies an attempt to test the support area near the level of 109.35. Then, continued growth of quotations to the area above the level of 111.55. 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 108.95. This will indicate a breakdown of the support level and continued development of the downward movement of the pair with a potential target below the level of 107.05.
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