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 «Double Bottom» reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 109.67. Moving averages indicate a short-term downward trend in the pair. As part of the forecast of the Japanese Yen rate as of May 31, 2019, we should expect an attempt to fall and test the support area near the level of 108.85. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 111.35.
USD/JPY Forecast Japanese Yen May 31, 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 border of the «Double Bottom» pivot pattern. Cancellation option lifting the dollar-yen currency pair will fall and the breakdown level of 107.95. 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 106.75. With the breakdown of the resistance area and the closure of quotations above 110.35, we should expect confirmation of the development of growth in the pair.
Among the important news from Japan that may have an impact on the USD/JPY pair rate, it is worth highlighting: Japan Retail Sales m/m.
USD/JPY Forecast Japanese Yen May 31, 2019 implies an attempt to test the support area near the level of 108.85. Then, the growth of quotations to the area above the level of 111.35. 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 the area 107.95. 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 106.75.
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