Forecast of the currency pair USD / JPY
We continue to monitor the USD / JPY currency pair. After another attempt by sellers to overcome the psychological support level of 107.00, there was once again resistance. At the time of writing the review, quotes have once again returned to the narrow support area 106.85–107.00.
The main scenario.
This scenario remains unchanged - a breakdown of support 106.85-107.00 will confirm the willingness of sellers to push the pair lower. This scenario can be realized if data on changes in consumer sentiment in the United States come in weaker than expected.
The return of quotes of the pair above 107.30 will not only cancel the bearish scenario, but also indicate the willingness of buyers to resume growth to 107.80 and further to 108.15.
17:00 *** USA - Consumer Confidence Indicator
Let me remind you that economists have revised the forecasts downward, thereby increasing the risk of a further weakening of the USD and, as a result, this currency pair. Consequently, the publication of an unexpectedly good report may return USD to the buyers market - which is unlikely.
The above review is not a direct guide to trading, and can only be classed as a recommendation
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