Currency pair USD/JPY US Dollar to Japanese Yen ends the trading week near the level of 112.43 and continues to move within the bullish channel. The pair is trading above the upper limit of the Ichimoku Kinko Hyo Cloud, which indicates the presence of an upward trend for the Dollar/Yen pair. Ichimoku Kinko Hyo Cloud upper test is expected near the level of 111.50, from where it is worth expecting an attempt of a rebound and continued growth of the USD/JPY pair with a target near the level of 114.65.
Japanese Yen forecast USD/JPY October 22 — 26, 2018
An additional signal in favor of the growth of the pair in the current trading week of ctober 22 — 26, 2018 will be a test of the support level, as well as a rebound from the lower boundary of the bullish channel. Previously, a weak signal was received for sell of the Dollar Yen pair, due to the crossing of signal lines at 112.75.
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 110.80, indicating 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 quotes with the breakdown of the resistance area and closing above the level of 113.15.
Japanese Yen forecast USD/JPY October 22 — 26, 2018 suggests an attempt to develop a correction to the level of 111.50, where a rebound can be expected and the pair will continue to grow with a potential target near the level of 114.65, the support area test will be in favor of the rise the currency pair will break down the area of 110.80, in this case we should expect the continuation of the fall.