Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the upward correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 110.31. Moving averages indicate a downward trend in the pair. At the moment, we should expect an attempt to grow and test the resistance area near the level of 110.65. Further, the continuation of the fall of the USD/JPY pair to the area below the level of 108.85.
USD/JPY Forecast Japanese Yen March 29, 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 a rebound from the upper boundary of the downward channel. Cancellation of the fall of the pair Dollar/Yen will be a strong growth and the breakdown level of 111.25. 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 support area and closing of quotes below the level of 110.05, we should expect confirmation of the development of a decline in the pair.
Among the important news from Japan, which may have an impact on the USD/JPY pair rate, it is worth highlighting: Retail sales in Japan.
USD/JPY Forecast Japanese Yen March 29, 2019 involves an attempt to test the resistance area near the level of 110.65. Then the continuation of the fall of quotations to the area below the level of 108.85. 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 111.25. This will indicate the breakdown of the resistance level and the continuation of the upward movement of the pair with a potential target above the level of 112.15.
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