Currency pair USD/JPY US Dollar to Japanese Yen ends the trading week near the level of 108.45 and continues to move in the framework of the bullish correction.
The pair is trading below the lower limit of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a downward trend in the dollar/yen pair. A test of the Ichimoku Kinko Hyo signal lines is expected near the level of 109.75. Where should we expect an attempt to rebound and continue the fall of the pair USD/JPY with the target near the level of 104.70.
Japanese Yen Forecast USD/JPY January 14 — 18, 2019
An additional signal in favor of the fall of the pair in the current trading week of January 14 — 18, 2019 will be the test of the resistance level. As well as a rebound from the upper limit of the descending channel. Earlier, a weak signal was received for SELL the Dollar/Yen pair. The signal was formed due to the intersection of the signal lines at 113.45.
Canceling the option of falling quotes of the pair will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above 110.75. This will indicate a change in the downward trend in favor of the upward trend and continued growth of the pair on FOREX. USD/JPY is expected to accelerate the fall in quotes with the breakdown of the support area and closing below 107.55.
Japanese Yen Forecast USD/JPY January 14 — 18, 2019 suggests an attempt to develop a correction to the level of 109.75. Where can we expect a rebound and the continuation of the fall of the pair with a potential target near the level of 104.70. In favor of the reduction will make the test area of resistance. Cancellation option for the fall of the currency pair will breakdown area 110.75. In this case, we can expect continued growth.