Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and the beginning of the development of the inverted «Head and Shoulders» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 108.56. Moving averages indicate the presence of a short-term bullish trend for the pair, prices are located above the signal lines, which indicates pressure from buyers. As part of the forecast of the Japanese Yen rate on November 1, 2019, we should expect an attempt to reduce and test the support area near the level of 108.15. Further, the rebound and continued growth of the USD/JPY pair to the area above the level of 110.65.
USD/JPY Forecast Japanese Yen November 1, 2019
In favor of the growth of the USD/JPY currency pair, a test of the rising support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 107.25. This will indicate a breakdown of the support area and a continued decline in the Dollar/Yen pair. In this case, we should expect continued fall of the pair to the area below the level of 104.55. With the breakdown of the resistance area and the closing of quotations above 109.45, we should expect confirmation of the development of the upward movement in the pair.
USD/JPY Forecast Japanese Yen November 1, 2019 implies an attempt to test the support area near the level of 108.15. Then, continued growth of quotations to the area above the level of 110.65. 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 a fall and a breakdown of the area of 107.25. This will indicate a breakdown of the support level and continued development of the downward movement of the pair with a potential target below the level of 104.55.