Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the correction and start of the «Wedge» model. At the time of publication of the forecast, the rate of the US Dollar to the Japanese Yen is 111.03. At this point, we should expect an attempt to test the support area near the level of 110.60 and continue the growth of the pair USD/JPY in the area above the level of 112.50.
USD/JPY forecast & technical analysis August 29, 2018
In favor of the growth of the pair USD/JPY, a trend line test will be performed 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 109.40, which will indicate the breakdown of the lower bound of the «Wolfe Wave» model and the continued decline of the Dollar/Yen pair with a target below the level of 108.55. With the breakdown of the resistance area and the closing of quotes above the level of 111.45, one should expect confirmation of the development of the bullish movement in the pair.
USD/JPY forecast & technical analysis August 29, 2018 involves trying to test the support area near the level of 110.60 and continuing the growth of quotations in the area above the level of 112.50, in favor of the pair’s growth, the trend line test on the relative strength index (RSI) will come out.
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