Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the downward channel. At the time of the publication of the forecast, the US Dollar to the Japanese Yen is 130.25. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from the 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 February 1, 2023 we should expect an attempt to develop a bullish correction and test the resistance area near the level of 130.85. Further, the price bounces down and the USD/JPY pair continues to fall to the area below the level of 123.15.
USD/JPY Forecast February 1, 2023
An additional signal in favor of a decline in the USD/JPY currency pair will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling the dollar/yen currency pair will be a strong growth and a breakdown of the level of 134.35. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Yen pair. In this case, we should expect the pair to continue to rise to the area above the level of 136.85. With the breakdown of the support area and the closing of quotes below the level of 126.45.
USD/JPY Forecast February 1, 2023 suggests an attempt to test the resistance area near the level of 130.85. Then, the continuation of the fall of quotations to the area below the level of 123.15. In favor of the pair’s decline, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the fall option will be a strong growth and a breakdown of the area of 134.35. This will indicate a breakdown of the resistance level and continued growth in the pair with a potential target above the level of 136.85.
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