Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the correction 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 110.10. Moving averages indicate a short-term downward trend in the pair. As part of the forecast of the Japanese Yen rate, we should expect an attempt to rise and test the resistance area near the level of 110.35. Further, the rebound and the continuation of the fall of the pair USD/JPY to the area below the level of 108.25.
USD/JPY Forecast Japanese Yen May 24, 2019
In favor of the fall of 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 option of raising the Dollar/Yen currency pair will fall and the breakdown level 111.15. This will indicate a breakdown of the area of resistance and continued growth of the pair Dollar/Yen. In this case, we should expect the continuation of the pair in the area above the level of 112.65. With the breakdown of the support area and closing of quotes below the level of 109.55, we should expect confirmation of the development of the fall in the pair.
USD/JPY Forecast Japanese Yen May 24, 2019 involves an attempt to test the resistance area near the level of 110.35. Then the continuation of the fall of quotations to the area below the level of 108.25. 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 111.15. This will indicate the breakdown of the resistance level and the continuation of the development of the upward movement of the pair with a potential target above the level of 112.65.