Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the bearish channel. At this point, we should expect a test of level 109.40 and continuation of the fall of the pair in the area below the level of 106.70. In favor of reducing the pair USD/JPY will test the resistance line on the indicator of relative strength index (RSI).
USD/JPY forecast & technical analysis February 13, 2018
The cancellation of the fall variant of the Dollar/Yen pair will result in a strong growth and breakdown of the level of 109.80, which will indicate the exit of the quotes for the descending channel. In this case, we should expect the beginning of the development of the bullish model «Wolfe Wave» with the potential growth target above the level of 115.50. To expect confirmation of the fall of the pair is with the breakdown of the support level and closing below 108.20.
USD/JPY forecast & technical analysis February 13, 2018 suggests an attempt to test the upper border of the channel near the area of 109.40 and the continuation of the fall of quotations in the area below the level of 106.70, in favor of the fall, the trend line test will be performed on the indicator of relative strength index (RSI).