Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and formation of the Wedge model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 109.35. Moving averages indicate a short-term bullish trend for the pair, prices again push off from the area between the signal lines, which indicates pressure from buyers. As part of the forecast for the Japanese Yen on November 14, 2019, we should expect an attempt to grow and test the resistance area near the level of 109.45. Further, the rebound and continued fall of the pair USD/JPY to the area below the level of 105.95.
USD/JPY Forecast Japanese Yen November 14, 2019
In favor of the fall of the USD/JPY currency pair, a test of the downward resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the «Wedge» model. Cancellation of the option of falling the currency pair Dollar Yen will be a strong growth and the breakdown level of 110.30. This will indicate a breakdown of the resistance area and continued growth of the Dolla/Yen pair. In this case, we should expect an increase in the fall of the pair in the region above the level of 111.65. With a breakdown of the lower boundary of the «Wedge» model and closing quotes below 108.05, we should expect confirmation of the development of a downward movement in the pair.
Among the important news from Japan, which may affect the rate of the USD/JPY pair, it is worth highlighting: Japan’s Gross Domestic Product (GDP) q/q.
USD/JPY Forecast Japanese Yen November 14, 2019 implies an attempt to test the resistance area near the level of 109.45. Then, the continuation of the fall of quotations in the area below the level of 105.95. A test of the trend line on the relative strength index (RSI) will be in favor of raising the pair. Cancellation of the fall option will be a strong growth and a breakdown of the area of 110.30. This will indicate a breakdown of the resistance level and continued development of the upward movement of the pair with a potential target above the level of 111.65.
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