Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the correction. At the moment, we should expect an attempt to test the resistance area near the level of 110.05 and continue falling of the pair in the area below the level of 108.20 as part of the start of the development of the «Head and Shoulders» reversal model.
USD/JPY forecast & technical analysis May 29, 2018
In favor of the fall of the pair USD/JPY, the trend line test will be performed on the indicator of relative strength index (RSI). The cancellation of the fall variant of the Dollar/Yen pair will result in a strong growth and a breakdown at 111.55, which will indicate the continued growth of the Dollar/Yen pair with a target above the level of 112.80. To expect confirmation of the fall of the pair is with the breakdown of the «Neckline» of the reversal model «Head and Shoulders» and closing below the level of 109.50.
USD/JPY forecast & technical analysis May 29, 2018 suggests an attempt to test the resistance area near the level of 110.05 and the continuation of the fall of quotations in the area below the level of 108.20, in favor of the fall, the trend line test will perform on the relative strength index (RSI).
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