Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of growth. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 108.70. Moving averages indicate a short-term downward trend in the pair. As part of the forecast of the Japanese Yen rate for July 11, 2019, we should expect an attempt to decrease and test the support area near the level of 107.95. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 111.45.
USD/JPY Forecast Japanese Yen July 11, 2019
The test of the support line on the relative strength indicator will be in favor of the USD/JPY currency pair. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of growth options for the Dollar/Yen currency pair will fall and the breakdown level of 106.95. This will indicate a breakdown of the support area and a continued decline in the Dollar/Yen pair. In this case, we should expect the pair to continue falling into the area below 104.65. With the breakdown of the resistance area and the closure of quotes above the level of 109.95, we should expect confirmation of the development of growth for the pair and the completion of the formation of a reversal pattern.
USD/JPY Forecast Japanese Yen July 11, 2019 implies an attempt to test the support area near the level of 107.95. Then, the growth of quotations to the area above the level of 111.45. A test of the trend line on the relative strength indicator will be in favor of the rise of the pair. Cancellation of growth options will fall and the breakdown of 106.95. This will indicate a breakdown of the support level and the continuation of the development of a downward movement in a pair with a potential target below 104.65.