Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move in the framework of the decline and the bearish channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 108.70. Moving averages indicate a short-term downward trend in the pair. As part of the forecast of the Japanese Yen rate for June 12, 2019, we should expect an attempt to grow and test the resistance area near the level of 109.35. Further, the rebound and the continuation of the fall of the pair USD/JPY in the area below 106.65.
USD/JPY Forecast Japanese Yen June 12, 2019
In favor of the fall of the pair USD/JPY will test the resistance line on the indicator of relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option to reduce the Dollar/Yen currency pair will be a strong growth and the breakdown of the level of 109.65. This will indicate the breakdown of the resistance area and the continuation of the rise of the pair Dollar/Yen. In this case, we should expect the pair to continue to grow to an area above 110.45. With the breakdown of the area of support and closing of quotes below 107.55, we should expect confirmation of the development of a fall in the pair.
USD/JPY Forecast Japanese Yen June 12, 2019 involves an attempt to test the resistance area near the level of 109.35. Then, the growth of quotations in the area below 106.65. In favor of the fall of the pair will make a test trend line on the indicator of relative strength index (RSI). Cancellation of the reduction option will be a strong growth and the breakdown of 109.65. This will indicate the breakdown of the resistance level and the continuation of the development of the upward movement of the pair with a potential target above the level of 110.45.