Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the correction and formation of the «Wedge» model. At the time of publication of the forecast, the US Dollar to the Japanese Yen is 110.25, the pair was able to update the local minimum area. At the moment, we should expect an attempt to test the support area near the level of 109.90 and continue the growth of the pair USD/JPY in the area above the level of 111.75.
USD/JPY forecast & technical analysis August 22, 2018
In favor of the growth of the pair USD/JPY will test the bullish trend line on the indicator of relative strength index (RSI). The cancellation of the growth variant of the Dollar/Yen pair will result in a drop and breakdown at the level of 109.20, which will indicate the breakdown of the lower boundary of the «Wedge» model and the continued decline of the Yen Dollar pair with a target below the level of 108.55. With the breakdown of the resistance area and the closing of quotations above the level of 111.05, one should expect confirmation of the development of the upward movement in the pair and the start of the development of the «Wedge» model.
USD/JPY forecast & technical analysis August 22, 2018 assumes an attempt of testing the support area near the level of 109.90 and the continuation of the growth of quotations in the area above the level of 111.75, in favor of the pair growth, the trend line test on the indicator of relative strength index (RSI) will come out.
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