Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the bullish channel. At the moment, we should expect an attempt to test the support area near the level of 108.40 and continue the growth of the pair in the area above the level of 110.55.
USD/JPY forecast & technical analysis May 9, 2018
In favor of the growth of the pair USD/JPY, an uptrend line test will be performed on the relative strength indicator, as well as the formation of the bullish «Wolfe Wave» model. The cancellation of the growth variant of the Dollar/Yen pair will result in a drop and a breakdown of the level of 108.00, 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 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 9, 2018 suggests an attempt to test the bottom of the uplink near the 108.40 area and continue the growth of quotations to an area above the level of 110.55, 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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