Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the correction and the bearish channel. At the time of the publication of the forecast, the rate of the US Dollar to the Japanese Yen is 108.44. Moving averages indicate a short-term downward trend in the pair. As part of the forecast of the Japanese Yen rate for June 20, 2019, we should expect an attempt to grow and test the resistance area near the level of 108.65. Further, the rebound and the continuation of the fall of the pair USD/JPY in the area below 106.35.
USD/JPY Forecast Japanese Yen June 20, 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 109.45. 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 growing to the area above the level of 110.55. 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.
Among the important news from Japan that may affect the rate of the USD/JPY pair, it is worth highlighting: Bank of Japan (BoJ) Interest Rate Decision, Bank of Japan (BoJ) Press Conference.
USD/JPY Forecast Japanese Yen June 20, 2019 involves an attempt to test the resistance area near the level of 108.65. Then, the growth of quotations in the area below 106.35. In favor of the fall of the pair will make a test trend line on the indicator of relative strength index (RSI). Cancellation option reduction will be a strong growth and the breakdown of 109.45. 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 110.55.
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