Quotes of the currency pair Dollar/Yen USD/JPY are ending the trading week near the 146.54 area. The pair continues to move within the bullish correction and bearish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, indicating pressure from sellers of the US dollar and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a bullish price correction and a test of the resistance level near the 149.05 area. Then, a rebound downwards and a continuation of the fall of the pair to the area below the 131.65 level.
USD/JPY Forecast and Analysis August 12 — 16, 2024
An additional signal in favor of a decline in the Dollar Yen pair this trading week will be a test of the broken trend line on the relative strength indicator. The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the USD/JPY decline option in the current trading week of August 12 — 16, 2024 will be a strong growth and a breakout of the 156.65 area. This option will indicate a breakout of the resistance area and continued growth of the pair on Forex to the area above the 160.05 level. The USD/JPY pair will be confirmed to fall by breaking the support area and closing the price below 142.05.
USD/JPY Forecast and Analysis August 12 — 16, 2024 suggests an attempt to test the resistance level near the 149.05 area. From where we should expect the pair to continue falling to the area below 131.65. An additional signal in favor of the decline will be a test of the trend line on the relative strength indicator. The cancellation of the pair’s fall option will be a strong growth and a breakout of the 156.65 level. This will indicate a continuation of the pair’s rise with a potential target above the 160.05 area.
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