Quotations of the currency pair US Dollar to Japanese Yen USD/JPY continues to move within the correction. At this point, we should expect an attempt to grow the pair in the area above the level of 112.90, whence again the depression is pressed to the area below the level of 111.20.
USD/JPY outlook Japanese Yen on May 18, 2017
In favor of growth in the area of 112.90 will perform an uptrend support test on the indicator of relative strength index. Near the area of 111.20, one should expect the pair to turn upwards as part of the Forex forex model inverted “Head and Shoulders”. Expect an acceleration in the pair’s growth.
Among the important news from Japan, which can have a strong impact on the Japanese Yen on Forex, it is worth highlighting: Gross Domestic Product, an insignificant increase is expected from 0.3% to 0.4%, which can be supported by the Japanese yen. GDP Price Index, it is expected that the indicator will drop from -0.1% to -0.7%.
USD/JPY outlook Japanese Yen on May 18, 2017 involves an attempt to test the level of 112.90, from where it is expected to fall to the area of 111.20, where the pair will complete the formation of the reversal Forex model and continue the development of the upward trend.
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