Quotes of the currency pair Dollar/Yen USD/JPY are ending the trading week with a strong fall near the 147.52 area. The pair continues to move within the fall and the ascending 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 150.85 area. Then, an upward rebound and continued growth of the pair to the area above the 136.85 level.
USD/JPY Forecast and Analysis August 5 — 9, 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 lower border of the ascending channel, which was broken downwards by sellers. The cancellation of the USD/JPY decline option in the current trading week of August 5 — 9, 2024 will be a strong growth and a breakout of the 156.95 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 160.65. 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 146.25.
USD/JPY Forecast and Analysis August 5 — 9, 2024 suggests an attempt to test the resistance level near the area of 150.85. From where we should expect the pair to continue falling to the area below the level of 136.85. An additional signal in favor of the decline will be a test of the trend line on the relative strength indicator. Cancellation of the option of the pair’s fall will be a strong growth and a breakout of the level of 156.95. This will indicate a continuation of the rise of the pair with a potential target above the area of 160.65.
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