The quotes of the USD/JPY currency pair continue to move as part of the development of a correction and a bullish channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 155.69. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the US Dollar and a potential continuation of price growth from current levels. As part of the Japanese Yen exchange rate forecast for May 21, 2024, we should expect an attempt to develop a price decline and a test of the support area near the level of 154.35. Next, the price will rebound upward and continue to grow in the USD/JPY pair to the area above the level of 161.85.
USD/JPY Forecast for May 21, 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 Triangle pattern. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 152.45. 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 148.35. Expect confirmation of price growth with a breakdown of the resistance level and price consolidation above the area of 157.55, which will indicate a breakdown of the upper boundary of the “Triangle” model and the beginning of a pattern with targets above.
USD/JPY Forecast for May 21, 2024 suggests an attempt to test the support area near the level of 154.35. Then, continued growth of quotes to the area above the level of 161.85. 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 152.45. 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 148.35.
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