Quotes of the currency pair Dollar/Yen USD/JPY complete the trading week with a fall near the 141.70 area. The pair continues to move within a strong decline and a bullish channel. Moving averages indicate a bullish 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 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 143.95 area. Then, a rebound downward and the pair’s continued fall to the area below the level of 127.85.
USD/JPY Forecast December 18 — 22, 2023
An additional signal in favor of a fall in the Dollar/Yen pair in the current trading week will be a test of the bearish trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the fall option for the USD/JPY pair in the current trading week of December 18 — 22, 2023 will be a strong growth and breakdown of the 149.65 area. This option will indicate a breakdown of the resistance area and continued growth of the pair on Forex to the area above the level of 154.65. Confirmation of a fall in the USD/JPY pair will be a breakdown of the support area and closing of the price below the level of 136.25, which will indicate a breakdown of the lower boundary of the bullish channel.
USD/JPY Forecast December 18 — 22, 2023 suggests an attempt to test the resistance level near the 143.95 area. Where can we expect the pair to continue to fall to the area below the level of 127.85. An additional signal in favor of a decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option for the pair to fall will be a strong growth and a breakdown of the level of 149.65. This will indicate a continued rise in the pair with a potential target above the 154.65 area.
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