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 109.37. At the moment, we should expect an attempt to grow and test the resistance area near the level of 109.60. Further, the continuation of the fall of the USD/JPY pair to the area below the level of 108.25.
USD/JPY Forecast Japanese Yen January 31, 2019
The test of the broken trend line on the relative strength index (RSI) will be in favor of reducing the USD/JPY pair. As well as a rebound from the upper boundary of the channel. Cancellation of the fall of the pair Dollar/Yen will be a strong growth and the breakdown level of 110.00. This will indicate a breakdown of the upper boundary of the downward channel and the continuation of the growth of the Dollar/Yen pair. With the breakdown of the area of support and the closure of quotes below 108.65, we should expect confirmation of the development of a decline in the pair.
USD/JPY Forecast Japanese Yen January 31, 2019 involves an attempt to test the resistance area near the level of 109.60. Then the continuation of the fall of quotations to the area below the level of 108.25. In favor of the fall of the pair will make a test trend line on the indicator of relative strength index (RSI). Cancellation of the reduction option will be a strong growth and the breakdown of the area 110.00. This will indicate a breakdown of the resistance level and the continuation of the upward movement of the pair with a potential target above the level of 111.65.
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