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 107.27. Moving averages indicate a short-term bearish trend in the pair. As part of the forecast of the Japanese Yen rate for June 25, 2019, we should expect an attempt to grow and test the resistance area near the level of 107.65. Further, the rebound and the continuation of the decline of the pair USD/JPY to the area below the level of 106.20.
USD/JPY Forecast Japanese Yen June 25, 2019
The test of the resistance line on the relative strength index (RSI) will be in favor of the fall of the currency pair USD/JPY. 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 108.55. 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 109.85. With the breakdown of the support area and the closing of quotes below 106.80, we should expect confirmation of the development of the fall in the pair.
USD/JPY Forecast Japanese Yen June 25, 2019 involves an attempt to test the resistance area near the level of 107.65. Then, the growth of quotations in the area below the level of 106.20. 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 the area of 108.55. 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 109.85.