Quotes of the currency pair Dollar/Yen USD/JPY are ending the trading week with a strong fall near the 154.01 area. The pair continues to move within the fall and the ascending channel. The moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from US dollar buyers and potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a price correction and test the support level near the 150.55 area. Then, an upward rebound and continued growth of the pair to the area above the 168.05 level.
USD/JPY Forecast and Analysis July 29 — August 2, 2024
An additional signal in favor of the fall of the Dollar Yen pair in the current trading week will be a test of the bullish trend line on the relative strength indicator. The second signal will be a rebound from the lower border of the ascending channel. The cancellation of the growth option for the USD/JPY pair in the current trading week of July 29 — August 2, 2024 will be a fall and a breakout of the 147.55 area. This option will indicate a breakout of the support area and a continuation of the pair’s fall on Forex to the area below 143.05. The growth of the USD/JPY pair will be confirmed by a breakout of the resistance area and the price closing above 156.55.
USD/JPY Forecast and Analysis July 29 — August 2, 2024 suggests an attempt to test the support level near the 150.55 area. From where we should expect the pair to continue growing to the area above 168.05. An additional signal in favor of the rise will be a test of the trend line on the relative strength indicator. The cancellation of the growth option for the pair will be a fall and a breakout of the 147.55 level. This will indicate a continuation of the pair’s decline with a potential target below the 143.05 area.
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