Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and formation of the inverted «Head and Shoulders» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 108.54. Moving averages indicate a short-term downward trend in the pair. As part of the forecast of the Japanese Yen rate for July 9, 2019, we should expect an attempt to decrease and test the support area near the level of 107.95. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 111.55.
USD/JPY Forecast Japanese Yen July 9, 2019
The test of the support line on the relative strength indicator will be in favor of the USD/JPY currency pair. The second signal will be the completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of growth options for the dollar/yen currency pair will fall and the breakdown level of 106.45. This will indicate a breakdown of the support area and a continued decline in the Dollar Yen pair. In this case, it is worth expecting the continuation of the fall of the pair to the area below the level of 103.55. With the breakdown of the resistance area and the closing of quotes above the level of 108.95, we should expect confirmation of the development of growth for the pair and the completion of the formation of the reversal pattern.
USD/JPY Forecast Japanese Yen July 9, 2019 implies an attempt to test the support area near the level of 107.95. Then, the growth of quotations to the area above the level of 111.55. A test of the trend line on the relative strength indicator will be in favor of the rise of the pair. Cancellation of growth option will be the fall and the breakdown of 106.45. 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 103.55.
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