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 rate against the Japanese Yen is 110.79, the pair is showing growth. At the moment, we should expect an attempt to test the support area near the level of 110.35 and continue the growth of the pair USD/JPY in the area above the level of 112.05.
USD/JPY forecast & technical analysis August 24, 2018
In favor of the growth of the pair USD/JPY, a downtrend test on the relative strength indicator will perform, as well as the formation of the bullish «Wolfe Wave» model. 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 «Wolfe Wave» model and the continued decline of the Dollar/Yen pair with a target below the level of 100.55.
With the breakdown of the resistance area and the closing of quotations above the level of 110.85, one should expect confirmation of the development of the upward movement in the pair and the beginning of the development of the «Wolfe Wave» model.
USD/JPY forecast & technical analysis August 24, 2018 suggests an attempt of testing the support area near the level of 110.35 and the continuation of the growth of quotations to the area above the level of 112.05, in favor of the growth of the pair, the trend line test on the indicator of relative strength index (RSI) will perform.
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