Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of a decline. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 111.99. At the moment, we should expect an attempt to test the lower boundary of the channel near the level of 111.75 and continued growth of the USD/JPY pair to the area above the level of 110.90.
USD/JPY forecast Japanese Yen October 17, 2018
A test of the trend line on the relative strength index (RSI), as well as a rebound from the support area, will be in favor of falling USD/JPY. Cancellation of the growth option for the Dollar/Yen pair will be the fall and the breakdown level of 111.55, which will indicate breakdown of the lower boundary of the channel and the continuation of the fall of the Dollar/Yen pair with the target below the level of 109.85. With the breakdown of the resistance area and the closure of quotes above the level of 112.40, it is worth confirming the development of growth for the pair.
USD/JPY forecast Japanese Yen October 17, 2018 suggests an attempt to test the support area near the level of 111.75 and continued growth of quotations to the area above the level of 110.90; the breakdown of the area 111.55, which will indicate the breakdown of the support area and the continued decline of the pair.