Quotes of the currency pair Dollar/Yen USD/JPY complete the trading week with a fall near the 150.39 area. The pair continues to move within the growth and bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the US dollar and a potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a price decline and a test of the support level near the 147.85 area. Then, a rebound upward and continued growth of the pair to the area above the level of 158.45.
USD/JPY Forecast February 26 — March 1, 2024
An additional signal in favor of growth in the Dollar/Yen pair in the current trading week will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise the USD/JPY pair in the current trading week of February 26 — March 1, 2024 will be a fall and a breakdown of the 142.35 area. This option will indicate a breakdown of the support area and a continued fall of the pair on Forex to the area below the level of 140.65. Confirmation of growth in the USD/JPY pair will be a breakdown of the resistance area and closing of the price above the level of 151.45.
USD/JPY Forecast February 26 — March 1, 2024 suggests an attempt to test the support level near the 147.85 area. Where can we expect the pair to continue to grow to the area above the level of 158.45. An additional signal in favor of an increase will be a test of the trend line on the relative strength index (RSI). Cancellation of the pair’s growth option will be a fall and a breakdown of the level of 142.35. This will indicate a continued decline in the pair with a potential target below the 140.65 area.
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