Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and formation of the downward wave «Wolfe Wave» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 108.26. 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 3, 2019, we should expect an attempt to grow and test the resistance area near the level of 108.55. Further, the rebound and the continuation of the fall of the pair USD/JPY in the area below 107.45.
USD/JPY Forecast Japanese Yen July 3, 2019
The test of the broken trend line on the relative strength indicator will be in favor of the fall of the USD/JPY currency pair. Cancellation of the option to reduce the dollar/yen currency pair will be a strong growth and the breakdown of the level of 108.95. 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 in the region above the level of 109.95. With the breakdown of the support area and closing of quotations below 107.95, we should expect confirmation of the development of a decline in the pair.
USD/JPY Forecast Japanese Yen July 3, 2019 involves an attempt to test the resistance area near the level of 108.55. Then, the continuation of the fall of quotations to the area below 107.45. 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 108.95. 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 109.95.
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