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 «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 109.03. Moving averages indicate a short-term bullish trend for the pair. As part of the Japanese Yen rate forecast for November 19, 2019, we should expect an attempt to grow and test the resistance area near the level of 109.20. Further, the rebound and continued fall of the pair USD/JPY to the area below the level of 106.05.
USD/JPY Forecast Japanese Yen November 19, 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 the completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling the currency pair Dollar/Yen will be a strong growth and the breakdown level of 109.95. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Yen pair. In this case, we should expect an increase in the fall of the pair in the region above the level of 112.55. With the breakdown of the support area and closing of quotes below the level of 108.05, we should expect confirmation of the development of a downward movement in the pair.
USD/JPY Forecast Japanese Yen November 19, 2019 implies an attempt to test the resistance area near the level of 109.20. Then, the continuation of the fall of quotations in the area below the level of 106.05. 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 109.95. 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 112.55.