Quotations of the currency pair US Dollar to Japanese Yen USD/JPY completed the trading week at 113.38. The pair continues to move within the ascending channel. At the moment, there is the potential to reduce the Yen Dollar pair to below the level of 111.20 as part of the formation of the upside-down Forex Head and Shoulder model, from which one should expect the pair to continue growing above 117.50.
USD/JPY weekly forecast on May 15 — 19, 2017
In favor of the growth of the pair from level 111.20, a dense test of the broken trend line will appear on the indicator of relative strength. Canceling the growth option The Yen Dollar will break through the local minimum area, if the pair continues to grow and the 115.80 area breaks, the USD/JPY pair should continue to grow without reducing to the area of 111.20.
Among the important news from Japan in the next trading week, which can have an impact on the exchange rate of the currency pair USD/JPY is worth highlighting:
May 18, 2017, Thursday, GDP change, slight growth is expected from 0.3% to 0.4%, Index-deflator of GDP.
USD/JPY weekly forecast on May 15 — 19, 2017 suggests an attempt to drop the pair’s quotations in the area below the level of 111.20 as part of the formation of the upside-down Forex model of the head and shoulders, from which it is expected to continue the pair’s growth into the area above the level of 117.50, There will be a breakdown of the region of 107.50, which will indicate the continuation of the decline of the Yen Dollar pair.
