The quotes of the USD/JPY currency pair continue to move as part of the development of a correction and a downward channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 144.46. Moving averages indicate a short-term bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the US Dollar and a potential continuation of the fall in prices from current levels. As part of the forecast for the Japanese Yen exchange rate for December 20, 2023, we should expect an attempt to develop a price rise and a test of the resistance area near the level of 145.15. Next, the price will rebound down and continue to fall in the USD/JPY pair to the area below the level of 139.35.
USD/JPY Forecast for December 20, 2023
An additional signal in favor of a fall 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 bearish channel. Cancellation of the fall option for the Dollar/Yen currency pair will be a strong growth and a breakdown of the level of 146.75. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Yen currency pair. In this case, we should expect the pair to continue to rise to the area above the level of 148.55. Expect confirmation of a price fall with a breakdown of the support level and price consolidation below the 140.35 area.
USD/JPY Forecast for December 20, 2023 suggests an attempt to test the resistance area near the level of 145.15. Then, quotes continue to fall to the area below the level of 139.35. A test of the trend line on the relative strength index (RSI) will support a decline in the pair. Cancellation of the downward option will be a strong growth and a breakdown of the 146.75 area. This will indicate a breakdown of the resistance level and continued growth in the pair with a potential target above the level of 148.55.
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