Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the formation of a bullish «Wolfe Wave» pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 108.28. Moving averages indicate a short-term bearish trend in the pair. As part of the forecast of the Japanese Yen rate for June 4, 2019, we should expect an attempt to fall and test the support area near the level of 107.75. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 111.20.
USD/JPY Forecast Japanese Yen June 4, 2019
A test of the support line on the relative strength index (RSI) will be in favor of raising the USD/JPY pair. The second signal will be a rebound from the lower boundary of the downward channel. Cancellation option lifting the Dollar/Yen currency pair will fall and the breakdown level of 106.95. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Yen pair. In this case, we should expect the continuation of the fall of the pair in the area below the level of 105.55. With the breakdown of the resistance area and the closure of quotations above 108.65, we should expect confirmation of the development of growth in the pair.
USD/JPY Forecast Japanese Yen June 4, 2019 involves an attempt to test the support area near the level of 107.75. Then, the growth of quotations in the area above 111.20. In favor of the pair will make a test trend line on the indicator of relative strength index (RSI). Cancellation option lift will fall and the breakdown of 106.95 area. This will indicate a breakdown of the support level and the continuation of the development of a downward movement in a pair with a potential target below 108.65.
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