Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of 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 107.29. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices are testing the area between the signal lines, indicating pressure from sellers of the US Dollar and the potential continuation of the fall in prices. As part of the forecast for the Japanese Yen on June 17, 2020, we should expect an attempt to develop growth and test the resistance area near the level of 107.65. Further, the rebound and continued fall of the pair USD/JPY to the area below the level of 105.65.
USD/JPY Forecast Japanese Yen June 17, 2020
An additional signal in favor of the fall of the USD/JPY currency pair will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling the currency pair Dollar/Yen will be a strong growth and the breakdown level of 108.05. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Yen pair. In this case, we should expect the pair to continue to rise to the area above the level of 111.25. With the breakdown of the support area and closing of quotes below the level of 106.45, we should expect confirmation of the development of a downward movement in the pair.
USD/JPY Forecast Japanese Yen June 17, 2020 implies an attempt to test the resistance area near the level of 107.65. Then, the continuation of the fall of quotations in the area below the level of 105.65. A test of the trend line on the relative strength index (RSI) will be in favor of the fall of the pair. Cancellation of the reduction option will be a strong growth and the breakdown of the area of 108.05. This will indicate a breakdown of the resistance level and continued development of the bullish movement in the pair with a potential target above the level of 111.25.
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