The quotes of the USD/JPY currency pair continue to move within the correction and the bullish channel. At the time of publication of the forecast, the US Dollar to the Japanese Yen is 146.39. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have gone up from 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 August 29, 2023, we should expect an attempt to develop a price correction and test the support area near the level of 146.05. Further, the price bounces up and the USD/JPY pair continues to rise to the area above the level of 148.85.
USD/JPY Forecast for August 29, 2023
An additional signal in favor of the growth 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 border of the bullish channel. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 144.15. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Yen currency pair. In this case, we should expect the pair to continue to fall to the area below the level of 142.75. It is worth waiting for confirmation of the price growth with the breakdown of the resistance level and the price fixing above the area of 147.45.
USD/JPY Forecast for August 29, 2023 suggests an attempt to test the support area near the level of 146.05. Then, the continuation of the growth of quotations in the area above the level of 148.85. 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 144.15. 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 142.75.
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