Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move in the framework of a downward correction. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 107.86. Moving averages indicate a short-term downward trend in the pair. As part of the forecast of the Japanese Yen rate for July 16, 2019, we should expect an attempt to fall and a test of the support area near the level of 107.55. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 110.75.
USD/JPY Forecast Japanese Yen July 16, 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 the growth option of the dollar-yen currency pair will fall and the breakdown of the level 107.05. 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 the level of 106.05. With the breakdown of the resistance area and the closure of quotes above the level of 108.75, we should expect confirmation of the development of growth in the pair.
USD/JPY Forecast Japanese Yen July 16, 2019 involves an attempt to test the support area near the level of 107.55. Then, the growth of quotations to the area above 110.75. 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 107.05. 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 106.05.
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