Currency pair USD/JPY US Dollar to Japanese Yen is trading at 110.58. The pair moves below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a downward trend in the dollar yen pair. As part of the Japanese Yen Forecast USD/JPY March 22, 2019. A test of the Ichimoku Kinko Hyo signal line region is expected near the level of 111.05. Where can we expect a rebound and the continuation of the fall of the US dollar to Japanese Yen with a potential target near the level of 109.80.
Japanese Yen Forecast USD/JPY March 22, 2019
An additional signal in favor of the growth of the USD/JPY pair on FOREX will be the support area test. The second signal will be a rebound from the lower boundary of the model «Triangle». Earlier, a weak signal was received for SELL the Dollar/Yen pair. The signal was formed due to the intersection of signal lines at the level of 111.40.
Canceling the option of falling quotations of the pair USD/JPY will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the area of 111.65. This option will indicate a change in the downward trend in favor of the upward trend and the continued growth of the pair in the area above the level of 112.95. USD/JPY is expected to accelerate the fall in quotes with the breakdown of the support area and closing below 110.20.
Japanese Yen Forecast USD/JPY March 22, 2019 involves an attempt to test the resistance level near the area of 111.05. Where can we expect to continue to reduce the pair with a potential target near the level of 109.80. Cancellation of the fall of the pair will make a strong growth and a breakdown of 111.65. This will indicate a continuation of the rise of the Dollar against the Japanese Yen with a target above the 112.95 area.