Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the correction. At the time of publication of the forecast, the US Dollar rate against the Japanese Yen is 110.71. At this point, we should expect an attempt to test the lower border of the channel near the level of 110.10 and continue the growth of the pair USD/JPY in the area above the level of 112.65.
USD/JPY forecast & technical analysis July 27, 2018
In favor of the growth of the pair USD/JPY will perform a test of the support area on the indicator of relative strength index (RSI), as well as a test of the lower boundary of the channel. The cancellation of the growth variant of the Dollar/Yen pair will result in a decline and breakdown of the level of 109.75, 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 108.20. With the breakdown of the resistance area and the closing of quotations above the level of 111.30, we should expect confirmation of the development of a bearish trend in the pair.
USD/JPY forecast & technical analysis July 27, 2018 suggests an attempt of testing the support area near the level of 110.10 and the continuation of the growth of quotations to the area above the level of 112.65, in favor of the pair’s growth, a test of the support area on the indicator of relative strength index (RSI) will come out.