Quotations of the currency pair US Dollar to Japanese Yen USD/JPY continues to move within the framework of the formation of the bullish model «5-0». We should expect an attempt to test the lower boundary of the channel, from which we should expect a rebound and the beginning of the growth of quotations with a potential target near the area of 114.40.
USD/JPY forecast & technical analysis May 23, 2017
In favor of the pair’s growth, the US Dollar to Japanese Yen USD/JPY will make the formation of the forex reversal pattern «Failure Swing» on the indicator of relative strength index (RSI). Canceling the growth of the pair US Dollar to Japanese Yen USD/JPY on Forex will be a fall and breakdown of the area of 109.60, indicating that the pair will continue to decline.
Important news from Japan is not expected, so the pair will continue to move within the technical analysis of USD/JPY.
USD/JPY forecast & technical analysis May 23, 2017 suggests an attempt to test the lower boundary of the bullish forex pattern «5-0», where it is expected to continue the pair’s growth with the first target at 114.40, the breakdown will be the breakdown of the area of 109.60, which will indicate the continued decline in quotations of the pair.
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