Currency pair US Dollar to Japanese Yen USD/JPY completed the trading week at 111.24. The pair continues to trade within the framework of the formation of an reversal forex pattern “Head and Shoulders”. It is worth to expect an attempt to grow into the area above the level of 114.50, with the breakdown of which the pair will continue to rise above the level of 121.
USD/JPY forecast on May 22, 2017 — May 26, 2017
In favor of the growth of the pair US Dollar to Japanese Yen USD/JPY from current levels, a tight test of the uplink of support on the indicator of relative strength index (RSI) appears. Expect to accelerate the growth of quotations USD/JPY stands with a breakdown of the “Neck Line” of the reversal forex pattern “Head and Shoulders”. The cancellation of the growth option of the pair will be the fall and breakdown of the local minimum area, which will indicate the continuation of the decline in the area below level 105.
Among the important news from Japan in the next trading week, which can have an impact on the exchange rate of the currency pair, the US Dollar to Japanese Yen USD/JPY is worth highlighting:
May 23, 2017, Tuesday, BOJ Governor Haruhiko Kuroda Speaks.
May 25, 2017, Thursday, National Consumer Price Index, is expected to change from 0.2% to 0.4%, it is expected to increase volatility in pairs with the Japanese yen at the time of publication of the news.
USD/JPY forecast on May 22, 2017 — May 26, 2017 suggests an attempt of pair growth in the area above the level of 114.50 within the framework of the beginning of the reversal forex pattern “Head and Shoulders”, in favor of growth is the test of the trend line on the indicator of relative strength index (RSI), the cancellation of the growth of the pair USD/JPY will be the breakdown of the local minimum area.
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