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 107.79. Moving averages indicate the presence of a short-term downtrend for the pair, which is nearing completion. As part of the Japanese Yen rate forecast for September 12, 2019, we should expect an attempt to grow and test the resistance area near the level of 108.05. Further, a rebound and the beginning of the decline of the USD/JPY pair to the area below the level of 105.75.
USD/JPY Forecast Japanese Yen September 12, 2019
In favor of reducing the USD/JPY currency pair, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling the currency pair Dollar/Yen will be a strong growth and the breakdown level of 108.85. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Yen pair. In this case, we should expect the pair to continue to rise to the area above the level of 109.85. With the breakdown of the lower boundary of the «Wedge» model and the closing of quotations below the level of 107.15, we should expect confirmation of the development of a decline in the pair.
USD/JPY Forecast Japanese Yen September 12, 2019 implies an attempt to test the resistance area near the level of 108.05. Then, the continuation of the fall of quotations in the area below the level of 105.75. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the pair. Cancellation of the fall option will be a strong growth and a breakdown of the area of 108.85. This will indicate a breakdown of the resistance level and continued development of the upward movement of the pair with a potential target above 109.85.