Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the bull channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 108.24. Moving averages indicate the presence of a short-term upward trend for the pair. As part of the forecast of the Japanese Yen rate for July 12, 2019, we should expect an attempt to decrease and test the support area near the level of 108.05. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 110.55.
USD/JPY Forecast Japanese Yen July 12, 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 lower boundary of the rising channel. Cancellation of growth options for the Dollar/Yen currency pair will fall and the breakdown of the level of 107.55. 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 continuation of the fall of the pair in the area below the level of 106.55. With the breakdown of the resistance area and the closure of quotations above the level of 108.75, we should expect confirmation of the development of growth in the pair.
USD/JPY Forecast Japanese Yen July 12, 2019 involves an attempt to test the support area near the level of 108.05. Then, the growth of quotations to the area above the level of 110.55. A test of the trend line on the relative strength indicator will be in favor of the rise of the pair. Cancellation of the growth option will be the fall and the breakdown of the area of 107.55. 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 106.55.