Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the framework of the bullish correction. At this point, we should expect an attempt to test the bottom of the channel near the level of 108.05 and continue the growth of the pair in the area above the level of 111.65.
USD/JPY forecast & technical analysis June 8, 2018
In favor of reducing the pair USD/JPY from the current levels, a trend line test will be performed on the relative strength index (RSI), as well as the formation of the «Head and Shoulders» reversal model. The cancellation of the fall variant of the Dollar/Yen pair will result in a strong growth and 110.65 breakdown, which will indicate the continued growth of the Dollar/Yen pair with a target above the level of 111.65. With the test of the support level near the area of 108.05, one should expect the completion of the formation of the bull model «Wolfe Wave» and the beginning of the growth of the pair’s quotes.
USD/JPY forecast & technical analysis June 8, 2018 suggests an attempt of testing the support area near the level of 108.05 and the continuation of the growth of quotations to the area above the level of 111.65, in favor of falling from the current levels, the trend line test on the indicator of relative strength index (RSI).
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