Quotes of the currency pair Dollar/Yen USD/JPY are ending the trading week near the 149.01 area. The moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, 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 bearish price correction and a test of the support level near the 145.85 area. Then, an upward rebound and continued growth of the pair to the area above the 156.85 level.
USD/JPY Forecast and Analysis October 14 — 18, 2024
An additional signal in favor of the growth of 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 descending channel. The cancellation of the growth option for the USD/JPY pair in the current trading week of October 14 — 18, 2024 will be a fall and a breakout of the 135.95 area. This option will indicate a breakout of the support area and a continuation of the fall of the pair on Forex to the area below the 132.45 level. The USD/JPY pair growth will be confirmed by a breakout of the resistance area and closing of the price above the level of 151.85, which will indicate a breakout of the upper border of the descending channel.
USD/JPY Forecast and Analysis October 14 — 18, 2024 suggests an attempt to test the support level near the 145.85 area. From where we should expect the pair to continue growing to the area above the level of 156.85. An additional signal in favor of growth will be a test of the trend line on the relative strength indicator. The cancellation of the pair’s growth option will be a fall and a breakout of the 135.95 level. This will indicate a continuation of the pair’s decline with a potential target below the 132.45 area.
