Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the bullish channel. At the time of publication of the forecast, the US Dollar rate against the Japanese Yen is 110.96. The pair continues to move within the framework of a bearish correction. At this point, we should expect an attempt to test the bottom of the uplink near the level of 110.55 and continue the growth of the pair USD/JPY in the area above the level of 113.70.
USD/JPY forecast & technical analysis August 9, 2018
In favor of the growth of the pair USD/JPY will test the trend line on the indicator of relative strength index (RSI), as well as test the support area on the price chart. The cancellation of the growth variant of the Dollar/Yen pair will result in a drop and breakdown of the level of 109.80, which will indicate the breakdown of the lower border of the channel and the continued decline of the Dollar/Yen pair with a target below the level of 109.05. With the breakdown of the resistance area and the closing of quotations above the level of 112.00, one should expect confirmation of the development of the bullish movement in the pair.
USD/JPY forecast & technical analysis August 9, 2018 suggests an attempt of testing the support area near the level of 110.55 and the continuation of the growth of quotations to the area above the level of 113.70, in favor of the pair’s growth, the trend line test on the indicator of relative strength index (RSI) will come out.