Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within a strong downward momentum. Presumably, on the pair the reversal forex pattern “Head and Shoulders” is formed, within which the pair US Dollar to Japanese Yen USD/JPY can show strong growth.
USD/JPY Forecast of the Dollar to Yen on May 19, 2017
At this point, we should expect a test of the lower border of the rising channel and the beginning of the growth of the pair USD/JPY. In favor of the rebound of quotes is the test of the support area on the indicator of relative strength index (RSI). The cancellation of the growth of the pair US Dollar to Japanese Yen USD/JPY will be the fall and the breakdown of the area of 109.50, which will indicate that the USD/JPY quotations continue to decline.
Important news from Japan is not expected, so the pair will continue to move within the technical analysis USD/JPY.
USD/JPY Forecast of the Dollar to Yen on May 19, 2017 involves an attempt to test the lower boundary of the bullish model 5-0 and the beginning of growth with the first target above the level of 111.50, the breakdown of the area of 109.50, indicating a continued fall in the local minimum area.
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