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 107.81. Moving averages indicate a short-term downward trend in the pair. As part of the forecast of the Japanese Yen rate for July 19, 2019, we should expect an attempt to grow and test the resistance area near the level of 107.95. Further, the rebound and the continuation of the decline of the pair USD/JPY to the area below 106.30.
USD/JPY Forecast Japanese Yen July 19, 2019
The test of the resistance line on the relative strength indicator will be in favor of the fall of the USD/JPY currency pair. The second signal will be the formation of the «Head and Shoulders» model. Cancellation of the option of falling of the Dollar/Yen currency pair will be a strong growth and the breakdown of the level of 108.45. This will indicate a breakdown of the support area and continued growth of the Dollar/Yen pair. In this case, it is worth expecting the continuation of the rise of the pair to the area above the level of 109.45. With the breakdown of the area of support and the closure of quotes below 107.45, we should expect confirmation of the development of the fall in the pair.
USD/JPY Forecast Japanese Yen July 19, 2019 involves an attempt to test the resistance area near the level of 107.95. Then, the continuation of the fall of quotations to the area below the level of 106.30. A test of the trend line on the relative strength indicator will be in favor of reducing the pair. Cancellation of the fall option will be a strong growth and the breakdown of 108.45. This will indicate the breakdown of the resistance level and the continuation of the development of the upward movement of the pair with a potential target above the level of 109.45.