The quotes of the USD/JPY currency pair continue to move as part of the growth and the bullish channel. At the time of the publication of the forecast, the US Dollar to the Japanese Yen is 143.31. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines up, 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 4, 2023, we should expect an attempt to develop a price correction and test the support area near the level of 141.75. Further, the price bounces up and the USD/JPY pair continues to rise to the area above the level of 146.45.
USD/JPY Forecast for August 4, 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 upper border of the bearish channel, which was broken up by buyers. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 141.05. 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 falling to the area below the level of 137.25. It is worth waiting for confirmation of the price growth with a breakdown of the resistance level and fixing the price above the area of 143.65.
USD/JPY Forecast for August 4, 2023 suggests an attempt to test the support area near the level of 141.75. Then, the continuation of the growth of quotations in the area above the level of 146.45. 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 141.05. 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 137.25.
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