Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move in the framework of the decline. At the time of publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 108.15. Moving averages indicate a short-term bearish trend in the pair. As part of the forecast of the Japanese Yen rate for July 24, 2019, we should expect an attempt to grow and test the resistance area near the level of 108.85. Further, the rebound and the continuation of the decline of the pair USD/JPY to the area below the level of 106.15.
USD/JPY Forecast Japanese Yen July 24, 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 a rebound from the upper boundary of the downward channel. Cancellation of the option of falling of the Dollar/Yen currency pair will be a strong growth and the breakdown of the level of 109.75. This will indicate a breakdown of the area of resistance and continued growth of the pair Dollar/Yen. In this case, it is worth expecting the continuation of the rise of the pair to the area above the level of 110.95. With the breakdown of the area of support and the closure of quotes below 107.05, we should expect confirmation of the development of the fall in the pair.
USD/JPY Forecast Japanese Yen July 24, 2019 involves an attempt to test the resistance area near the level of 108.85. Then the continuation of the fall of quotations to the area below the level of 106.15. 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 the area of 109.75. This will indicate a breakdown of the resistance level and the continuation of the development of the upward movement in a pair with a potential target above the level of 110.95.
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