Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the bullish channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 107.46. Moving averages indicate a short-term bullish trend for the pair. As part of the forecast of the Japanese Yen rate on September 24, 2019, we should expect an attempt to reduce and test the resistance area near the level of 106.95. Further, the rebound and growth of the decline in the pair USD/JPY to the area above the level of 109.95.
USD/JPY Forecast Japanese Yen September 24, 2019
In favor of the growth of the USD/JPY currency pair, a test of the support 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 growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 106.15. This will indicate a breakdown of the support area and a continued decline in the Dollar/Yen pair. In this case, we should expect the pair to continue falling to the area below the level of 104.85. With the breakdown of the resistance area and the closing of quotations above the level of 108.55, we should expect confirmation of the development of the upward movement in the pair.
Among the important news from Japan, which may affect the USD/JPY rate, it is worth highlighting: Speech by Bank of Japan (BoJ) Governor Kuroda Chairman.
USD/JPY Forecast Japanese Yen September 24, 2019 implies an attempt to test the support area near the level of 106.95. Then, continued growth of quotations to the area above the level of 109.95. 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 106.15. 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 104.85.
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