Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the correction 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 108.52. Moving averages indicate a short-term bearish trend for the pair. As part of the forecast of the Japanese Yen rate for July 31, 2019, we should expect an attempt to grow and test the resistance area near the level of 108.95. Further, the rebound and the continuation of the fall of the pair USD/JPY to the area below 106.75.
USD/JPY Forecast Japanese Yen July 31, 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 in the area above the level of 111.05. With the breakdown of the support area and closing of quotes below the level of 107.85, we should expect confirmation of the development of the fall in the pair.
USD/JPY Forecast Japanese Yen July 31, 2019 implies an attempt to test the resistance area near the level of 108.95. Then, the growth of quotations in the area below 106.75. In favor of the fall of the pair will make a test trend line on the indicator of relative strength. Cancellation of the reduction 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 growth for the pair with a potential target above the level of 111.05.
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