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 “Wedge” reversal pattern. At the time of publication of the forecast, the US Dollar to the Japanese Yen is 134.24. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices broke through the area between the signal lines, which indicates pressure from buyers of the US Dollar and a potential continuation of price growth already from current levels. As part of the Japanese Yen exchange rate forecast for April 26, 2023, we should expect an attempt to develop a price rise and test the resistance area near the level of 134.55. Further, the price bounces down and the USD/JPY pair continues to fall to the area below the level of 129.25.
USD/JPY Forecast for April 26, 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 “Wedge” reversal pattern. Cancellation of the option to reduce the dollar/yen currency pair will be a strong growth and a breakdown of the level of 136.75. This will indicate a breakdown of the resistance area and the continuation of the rise of the Dollar/Yen pair. In this case, we should expect the pair to continue falling to the area below the level of 138.45. With the breakdown of the support area and the closing of quotes below the level of 136.65, which will indicate a breakdown of the lower boundary of the “Wedge” reversal model and the beginning of the model with targets below.
USD/JPY Forecast for April 26, 2023 suggests an attempt to test the resistance area near the level of 134.55. Then, the continuation of the fall of quotations to the area below the level of 129.25. 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 136.75. This will indicate a breakdown of the resistance level and a continuation of the rise in the pair with a potential target above the level of 138.45.
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