The quotes of the USD/JPY currency pair continue to move as part of the development of the fall and the beginning of the development of the “Triangle” model. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 140.95. 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 rate on December 29, 2023, we should expect an attempt to develop a price rise and a test of the resistance area near the level of 142.25. Next, the price will rebound down and continue to fall in the USD/JPY pair to the area below the level of 136.65.
USD/JPY Forecast for December 29, 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 lower border of the Triangle pattern. Cancellation of the option for the dollar/yen currency pair to fall will be a strong growth and a breakdown of the level of 144.75. 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 146.85. Expect confirmation of a price fall with a breakdown of the support level and price consolidation below the area of 139.05.
USD/JPY Forecast for December 29, 2023 suggests an attempt to test the resistance area near the level of 142.25. Then, quotes continue to fall to the area below the level of 136.65. 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 144.75 area. This will indicate a breakdown of the resistance level and continued growth in the pair with a potential target above the level of 146.85.
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