Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern. At the time of publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 111.60. At the moment, we should expect an attempt to grow and test the resistance area near the level of 111.80. Further, the continuation of the fall of the USD/JPY pair to the area below the level of 109.45.
USD/JPY Forecast Japanese Yen March 15, 2019
In favor of reducing the pair USD/JPY will test the resistance line on the indicator of relative strength index (RSI). The second signal will be the formation of the «Head and Shoulders» reversal pattern. Cancellation of the fall of the pair Dollar/Yen will be a strong growth and the breakdown level of 112.25. This will indicate a breakdown of the resistance area and the continuation of the growth of the Dollar Yen pair. With the breakdown of the lower boundary of the ascending channel and the closing of quotations below 110.55, we should expect confirmation of the development of a decline in the pair.
Among the important news from Japan that may affect the rate of the USD/JPY pair, it is worth highlighting: The decision on the interest rate of the Bank of Japan, the Press Conference of the Bank of Japan.
USD/JPY Forecast Japanese Yen March 15, 2019 involves an attempt to test the resistance area near the level of 111.80. Then, the continuation of the fall of quotations to the area below the level of 109.45. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the pair. Cancellation of the fall option will be a strong growth and the breakdown of the 112.25 area. This will indicate a breakdown of the resistance level and the continuation of the upward movement of the pair with a potential target above the level of 113.75.
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