Quotes of the currency pair Dollar/Yen USD/JPY are ending the trading week near the 146.56 area. The moving averages indicate a bearish 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 149.65 area. Then, a downward rebound and a continuation of the fall of the pair to the area below the 136.85 level.
USD/JPY Forecast and Analysis October 7 — 11, 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 bearish 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 fall option for the USD/JPY pair in the current trading week of October 7 — 11, 2024 will be a strong growth and a breakout of the 152.45 area. This option will indicate a breakout of the resistance area and continued growth of the pair on Forex to the area above the 155.75 level. The USD/JPY pair will be confirmed to fall by breaking through the support area and closing the price below 145.05.
USD/JPY Forecast and Analysis October 7 — 11, 2024 suggests an attempt to test the resistance level near the 149.65 area. From where we should expect the pair to continue falling to the area below 136.85. An additional signal in favor of a decline will be a test of the trend line on the relative strength indicator. The cancellation of the pair’s fall option will be a strong growth and a breakout of the 152.45 level. This will indicate a continuation of the pair’s rise with a potential target above the 155.75 area.
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