Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the growth and the downward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 108.31. Moving averages indicate a short-term downward trend in the pair. As part of the forecast of the Japanese Yen rate for July 2, 2019, we should expect an attempt to reduce and test the support area near the level of 107.65. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 109.75.
USD/JPY Forecast Japanese Yen July 2, 2019
The test of the broken trend line on the relative strength index (RSI) will be in favor of the growth of the USD/JPY currency pair. Cancellation of growth options for the dollar/yen currency pair will fall and the breakdown level of 106.75. 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 105.25. With the breakdown of the upper boundary of the bearish channel and closing of quotations above the level of 108.95, we should expect confirmation of the development of growth for the pair.
USD/JPY Forecast Japanese Yen July 2, 2019 involves an attempt to test the support area near the level of 107.65. Then, the growth of quotations to the area above the level of 109.75. In favor of the pair will make a test trend line on the indicator of relative strength index (RSI). Cancellation option lift will fall and the breakdown of 106.75. 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 105.25.
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