Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and 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 111.88. At the moment, we should expect an attempt to reduce and test the support area near the level of 111.75. Further, the continued growth of the pair USD/JPY to the area above the level of 112.65.
USD/JPY Forecast Japanese Yen March 5, 2019
A test of the rising trend line on the relative strength index (RSI) will be in favor of raising the USD/JPY pair. The second signal will be the test of the lower boundary of the «Triangle» model. Cancellation of the growth of the pair Dollar/Yen will be the fall and the breakdown level of 111.65. This will indicate a breakdown of the lower boundary of the channel and the continuation of the fall of the dollar/yen pair. With the breakdown of the resistance area and the closure of quotes above the level of 112.15, we should expect confirmation of the development of growth in the pair.
USD/JPY Forecast Japanese Yen March 5, 2019 involves an attempt to test the support area near the level of 111.75. Then, the growth of quotations to the area above the level of 112.65. A test of the trend line on the relative strength index (RSI) will be in favor of raising the pair. Cancellation of the growth option will be the fall and the breakdown of the area 111.65. This will indicate a breakdown of the support level and the continuation of the downward movement of the pair with a potential target below the level of 109.85.
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