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 108.65. Moving averages indicate a short-term bearish trend for the pair. As part of the forecast of the Japanese Yen rate as of July 30, 2019, we should expect an attempt to decrease and test the support area near the level of 108.05. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 109.95.
USD/JPY Forecast Japanese Yen July 30, 2019
The test of the support line on the relative strength indicator will be in favor of the growth of the USD/JPY currency pair. The second signal will be the breakdown of the upper boundary of the downward channel. Cancellation of growth options for the Dollar/Yen currency pair will fall and the breakdown of the level of 107.65. 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 continuation of the fall of the pair in the area below the level of 106.85. With the breakdown of the resistance area and the closing of quotes above the level of 109.25, we should expect confirmation of the development of growth in the pair.
Among the important news from Japan that may affect the rate of the USD/JPY pair is not worth mentioning: Bank of Japan (BoJ) Press Conference, Bank of Japan (BoJ) Interest Rate Decision.
USD/JPY Forecast Japanese Yen July 30, 2019 involves an attempt to test the support area near the level of 108.05. Then, the growth of quotations to the area above the level of 109.95. In favor of the pair will make a test trend line on the indicator of relative strength. Cancellation option lift will fall and the breakdown of the area 107.65. This will indicate a breakdown of the support level and the continuation of the decline in the pair with a potential target below the level of 106.85.
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