Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the bearish channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 106.10. Moving averages indicate the presence of a short-term downtrend for the pair. As part of the forecast for the Japanese Yen on September 4, 2019, we should expect an attempt to fall and test the support area near the level of 104.85. Further, the rebound and continued growth of the pair USD/JPY to the area above the level of 109.25.
USD/JPY Forecast Japanese Yen September 4, 2019
In favor of the growth of the USD/JPY currency pair, a test of the rising support line on the relative strength index (RSI) will come out. The second signal will be the formation of an inverted «Head and Shoulders» model. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 103.75. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Yen pair. In this case, we should expect continued decline in the pair to the area above the level of 102.25. With the breakdown of the resistance area and the closing of quotations above the level of 107.25, we should expect confirmation of the development of a decline 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).
USD/JPY Forecast Japanese Yen September 4, 2019 implies an attempt to test the support area near the level of 104.85. Then continued growth of quotations to the area above the level of 109.25. 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 103.75. This will indicate a breakdown of the support level and continued development of a decline in the pair with a potential target below the level of 102.25.
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