Quotes of the dollar yen currency pair USD JPY continued development of a downward correction in the framework of the beginning of the mining model, pivot forex head and shoulders to reduce to below 109.70 area. Cancellation option will be a strong growth of quotations of USD/JPY above the level of 114.50, which will point to a continuation of an upward trend with the upside above the 116.50 area.
USD JPY FORECAST Dollar Yen on December 9, 2016
Currently quotes already broke through the line Neck reversal pattern that indicates the completion of the model continued decline. Among the data that may have an impact on the Japanese yen tomorrow, December 9, 2016, is to provide, BSI index of business conditions for large manufacturers is expected the growth rate to the level 2.9 to level 3.4, which can support the Japanese yen.
USD JPY FORECAST Dollar Yen on December 9, 2016 suggests an attempt of correction to 109.70 within mining reversal pattern head and shoulders.