Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the bullish channel. At this point, we should expect an attempt to test the support area near the level of 109.00 and continue the growth of the pair in the area above the level of 111.55.
USD/JPY forecast & technical analysis May 8, 2018
In favor of the growth of the pair USD/JPY, an uptrend test on the relative strength indicator will perform, as well as a support level test. The cancellation of the growth variant of the Dollar/Yen pair will result in a drop and a breakdown of the level of 108.65, which will indicate the breakdown of the lower border of the channel and the continued decline of the Dollar/Yen with a target below the level of 106.50. To expect confirmation of the growth of the pair is with the breakdown of the resistance area and the closing above the level of 110.00.
USD/JPY forecast & technical analysis May 8, 2018 suggests an attempt to test the bottom of the channel near the 109.00 area and continue the growth of quotations to an area above the level of 111.55, in favor of the pair’s growth, a trend line test will be performed on the indicator of relative strength index (RSI).
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