Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move in the framework of the fall 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 107.61. Moving averages indicate a short-term downward trend in the pair. As part of the forecast of the Japanese Yen rate for June 27, 2019, we should expect an attempt to grow and test the resistance area near the level of 108.35. Further, the rebound and the continuation of the decline of the pair USD/JPY to the area below the level of 105.65.
USD/JPY Forecast Japanese Yen June 27, 2019
The test of the resistance line on the relative strength index (RSI) will be in favor of the fall of the USD/JPY currency pair. 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 108.95. 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 109.75. With the breakdown of the area of support and closing of quotes below 106.45, we should expect confirmation of the development of the fall in the pair.
Among the important news from Japan that may have an impact on the USD/JPY pair rate, it is worth highlighting: Japan Retail Sales m/m.
USD/JPY Forecast Japanese Yen June 27, 2019 involves an attempt to test the resistance area near the level of 108.35. Then, the growth of quotations in the area below 105.65. 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 the area of 108.95. This will indicate the breakdown of the resistance level and the continuation of the development of the upward movement in a pair with a potential target above the level of 109.75.