The quotes of the USD/JPY currency pair continue to move as part of the development of a bearish correction and a bullish channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 156.04. Moving averages indicate a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, 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 Japanese Yen exchange rate forecast for June 6, 2024, we should expect an attempt to develop a price decline and a test of the support area near the level of 155.70. Next, the price will rebound upward and continue to grow in the USD/JPY pair to the area above the level of 157.75.
USD/JPY Forecast for June 6, 2024
An additional signal in favor of a rise in 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 154.45. This will indicate a breakdown of the support area and a continuation of the fall of the Dollar/Yen currency pair. In this case, we should expect the pair to continue to decline to the area below the level of 151.65. Expect confirmation of price growth with a breakdown of the resistance level and price consolidation above the area of 158.35, which will indicate a breakdown of the upper boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets above.
USD/JPY Forecast for June 6, 2024 suggests an attempt to test the support area near the level of 155.70. Then, continued growth of quotes to the area above the level of 157.75. A test of the trend line on the relative strength index (RSI) will support the rise of the pair. Cancellation of the growth option will be a fall and a breakdown of the area of 154.45. This will indicate a breakdown of the support level and a continuation of the fall in the pair with a potential target below the level of 151.65.
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