Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. At the time of the publication of the forecast, the US Dollar to the Japanese Yen is 138.46. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have gone down from the area between the signal lines, which indicates pressure from sellers of the US Dollar and a potential continuation of the fall in prices already from current levels. As part of the forecast for the Japanese Yen on November 30, 2022, we should expect an attempt to develop a correction and test the support area near the level of 138.05. Further, the price bounces up and the USD/JPY pair continues to rise to the area above the level of 141.95.
USD/JPY Forecast December 1, 2022
An additional signal in favor of the rise of the USD/JPY currency pair will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ”Head and Shoulders” reversal pattern. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 136.45. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Yen pair. In this case, we should expect the pair to continue falling to the area below the level of 133.45. With the breakdown of the resistance area and the closing of quotes above the level of 140.05, which will indicate a breakdown of the upper boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets at the top.
USD/JPY Forecast December 1, 2022 suggests an attempt to test the support area near the level of 138.05. Then, the continuation of the growth of quotations in the area above the level of 141.95. In favor of the rise of the pair, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth option will be a fall and a breakdown of the area of 136.45. This will indicate a breakdown of the support level and a continuation of the pair’s fall with a potential target below the level of 133.45.
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