Currency pair USD/JPY US Dollar to Japanese Yen ends the trading week near the level of 112.81 and continues to move within the ascending channel.
The pair is trading above the upper limit of the Ichimoku Kinko Hyo Cloud. This indicates the presence of an upward trend in the pair Dollar/Yen. A test of the lower boundary of the Ichimoku Kinko Hyo Cloud is expected near the level of 112.35. Where should we expect an attempt to rebound and continue the growth of the pair USD/JPY with the target near the level of 116.35.
Japanese Yen forecast USD/JPY November 19 — 23, 2018
An additional signal in favor of the growth of the pair in the current trading week November 19 – 23, 2018 will be the test of the support level. As well as a rebound from the lower boundary of the model «Triangle». Previously, a strong signal was received for BUY the Dollar/Yen pair, due to the intersection of signal lines at the level of 112.95.
Cancellation of the growth of quotations of the pair will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below area 111.65. This will indicate a change in the upward trend in favor of the downward trend and the continuation of the fall of the pair on Forex. USD/JPY is expected to accelerate the growth of quotations with the breakdown of the upper limit of the «Triangle» model and closing above 114.45.
Japanese Yen forecast USD/JPY November 19 — 23, 2018 suggests an attempt to develop a correction to the level of 112.35. Where can we expect a rebound and continued growth of the pair with a potential target near the level of 116.35. A test of the support area will be in favor of the climb. The cancellation of the growth of the currency pair will be a breakdown of the 111.65 area. In this case, we should expect the continuation of the fall.