Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the bearish channel. At the time of publication of the forecast, the US Dollar rate against the Japanese Yen is 111.05. At this point, we should expect an attempt to test the upper border of the channel near the level of 111.15 and continue the fall of the pair USD/JPY in the area below the level of 109.65.
USD/JPY forecast & technical analysis July 31, 2018
In favor of reducing the pair USD/JPY will test the resistance line on the indicator of relative strength index (RSI), as well as test the resistance level. The cancellation of the fall variant of the Dollar/Yen pair will result in a strong growth and breakdown at level 111.55, which will indicate the breakdown of the upper border of the channel and the continued growth of the Dollar/Yen pair with a target above 112.15. With the breakdown of the lower bound of the «Triangle» model and the closing of quotations below the level of 110.65, one should expect confirmation of the development of a bearish trend in the pair.
USD/JPY forecast & technical analysis July 31, 2018 suggests an attempt to test the resistance area near the level of 111.15 and the continuation of the fall of quotations in the area below the level of 109.65, in favor of the pair’s decline, the trend line test on the indicator of relative strength index (RSI) will come out.