Quotes of the currency pair Dollar/Yen USD/JPY complete the trading week with growth near the 160.78 area. The pair continues to move within the framework of growth and an ascending channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the US dollar and a potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the 158.85 area. Then, a rebound upward and continued growth of the pair to the area above the level of 167.65.
USD/JPY Forecast and Analysis July 8 — 12, 2024
An additional signal in favor of a fall in the Dollar/Yen pair in the current trading week will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the USD/JPY pair in the current trading week of July 8 — 12, 2024 will be a fall and a breakdown of the 155.75 area. This option will indicate a breakdown of the support area and a continued fall of the pair on Forex to the area below the level of 151.65. Confirmation of growth in the USD/JPY pair will be a breakdown of the resistance area and closing of the price above the level of 163.45.
USD/JPY Forecast and Analysis July 8 — 12, 2024 suggests an attempt to test the support level near the 158.85 area. Where can we expect the pair to continue to grow to the area above the level of 167.65. An additional signal in favor of an increase will be a test of the trend line on the relative strength index (RSI). Cancellation of the pair’s growth option will be a fall and a breakdown of the level of 155.75. This will indicate a continued decline in the pair with a potential target below the 151.65 area.
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