Currency pair USD/JPY US Dollar to Japanese Yen ends the trading week near the level of 108.52 and continues to move in the framework of the upward 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.
The test of the Ichimoku Kinko Hyo signal line region is expected near the level of 109.95. Where should we expect an attempt to rebound and continue the fall of the pair USD/JPY with the goal near the level of 104.25.
Japanese Yen forecast USD/JPY January 7 — 11, 2019
An additional signal in favor of the fall of the pair in the current trading week of January 7 — 11, 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.
Cancellation of 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 the 112.25 area. This will indicate a change in the downward trend in favor of the upward trend and continued growth of the pair on Forex. Expect to accelerate the fall of the USD/JPY quotes with the breakdown of the support area and closing below 107.65.
Japanese Yen forecast USD/JPY January 7 — 11, 2019 suggests an attempt to develop a correction to the level of 109.95. Where can we expect a rebound and the continuation of the fall of the pair with a potential target near the level of 104.25. In favor of the reduction will make the test area of resistance. Cancellation option for the fall of the currency pair will breakdown area of 112.25. In this case, we can expect continued growth.