Quotations of the currency pair US Dollar to Japanese Yen USD/JPY continue to test the local minimum area and are currently trading near the level of 108.80. It is worth waiting for an attempt to rebound and begin to grow as part of the development of the bull model of the Wolfe wave with a potential growth target above the area of 112.50.
USD/JPY Forecast Japanese Yen on April 20, 2017
In favor of the growth of quotations of the Dollar Yen pair is the formation of the flexed Forex Model of the Head and shoulders. An additional signal in favor of buying the pair USD/JPY will be a breakdown of the downward trend line on the indicator of relative strength. The closest target for the growth of the pair is the resistance area near the 110.00 area. The cancellation of the variant of growth of quotations of the pair will be the fall and breakdown of the region of 107.90.
Important news from Japan is not expected, so the pair will continue to move within the technical analysis of USD/JPY.
USD/JPY Forecast Japanese Yen on April 20, 2017 involves a rebound attempt in the resistance area near the level of 110.00 in the frame of the start of the development of the bull model of the Wolf wave, cancel the breakdown of the local minimum region.
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