Currency pair USD JPY showed strong growth in the last trading week and reached resistance area at 105.50. Currently, there are risks to see a drop in prices USD JPY is already at the beginning of the new trading week of July 18, 2016 — July 22, 2016 in the rebound from the trend line on the indicator of relative strength.
USD JPY forecast for the week of July 18, 2016 — July 22, 2016
The purpose of the fall of quotations pair Dollar Yen is the area on the level below 103.50, from which we can expect the beginning of growth within the mining inverted forex model head and shoulders with a potential target price growth USD JPY in the region above 110. Cancellation option completion of the formation of such a model will drop the pair Dollar Yen to below the level of 99 that will cancel the model and point to a continuation of the fall of USD JPY. We try to sell the pair in the rebound from the resistance and through the formation of models on sale in shorter periods of time.
USD JPY forecast for the week of July 18, 2016 — July 22, 2016 involves the pair falling within the completion of the formation of the right shoulder reversal pattern after which we can expect the beginning of growth in the region of 110.
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