Quotes of the currency pair Dollar/Yen USD/JPY are ending the trading week near the 147.77 area. The pair continues to move within the bullish correction and bearish channel. The moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, which indicates 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 151.45 area. Then, a rebound downwards and a continuation of the fall of the pair to the area below the 138.75 level.
USD/JPY Forecast and Analysis August 19 — 23, 2024
An additional signal in favor of a decline in the Dollar Yen pair in the current 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. The cancellation of the option of a decline in the USD/JPY pair in the current trading week of August 19 — 23, 2024 will be a strong growth and a breakout of the 152.85 area. This option will indicate a breakout of the resistance area and continued growth of the pair on Forex to the area above the level of 156.75. Confirmation of the fall in the USD/JPY pair will be a breakout of the support area and closing of the price below the level of 145.85.
USD/JPY Forecast and Analysis August 19 — 23, 2024 suggests an attempt to test the resistance level near the area of 151.45. From where we should expect the pair to continue falling to the area below the level of 138.75. An additional signal in favor of the decline will be a test of the trend line on the relative strength indicator. Cancellation of the fall option for the pair will be strong growth and a breakout of the level of 152.85. This will indicate a continued rise in the pair with a potential target above the area of 156.75.
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