USD/JPY on February 13, 2019

USD/JPY

In the last three days, the Japanese yen has consistently and systematically fulfilled the tasks in order to strengthen growth; on Monday it was the output of the price over the Kruzenshtern line on a daily scale and the achievement of resistance to the graphic line of the price channel; on Tuesday, consolidation over this price channel line, today, on Wednesday, is an attempt to reach the high of yesterday. Now the price faces the following task – to reach the embedded line of the price channel in the area of 111.24. In the event of a consolidation above the level, we can expect an increase in the range of 113.00/30, which is marked on the daily chart with a gray oval. The upper limit of the range is determined by the upper limit of the price channel, the breakout of which will require a change in the entire technical picture. But up to this point another 275 points.

Thus, consolidating the price above the high of yesterday (110.67) opens the way to 111.24.

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The material has been provided by InstaForex Company – www.instaforex.com

Source:: Forecast for USD/JPY on February 13, 2019

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