Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 109.81. At the moment, we should expect an attempt to fall and test the support area near the level of 109.25. Further, the continued growth of the USD/JPY pair to the area above the level of 111.75.
USD/JPY Forecast Japanese Yen February 7, 2019
A test of the rising trend line on the relative strength index (RSI) will be in favor of raising the USD/JPY pair. As well as a rebound from the upper boundary of the descending channel. Cancellation of growth options for the pair Dollar/Yen will be the fall and the breakdown of the level of 108.55. This will indicate a breakdown of the support area and the continuation of the decline of the Dollar/Yen pair. With the breakdown of the resistance area and the closure of quotes above 110.35, we should expect confirmation of the development of growth in the pair.
USD/JPY Forecast Japanese Yen February 7, 2019 suggests an attempt to test the support area near the level of 109.25. Then, the growth of quotations in the area above the level of 111.75. 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 the fall and the breakdown of the area of 108.55. This will indicate a breakdown of the support level and the continuation of the downward movement of the pair with a potential target below 106.65.
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