The quotes of the USD/JPY currency pair continue to move as part of the development of growth and a bullish channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 155.17. Moving averages indicate a short-term bullish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the US Dollar and a potential continuation of price growth from current levels. As part of the forecast for the Japanese Yen rate on May 3, 2024, we should expect an attempt to develop price growth and test the resistance area near the level of 156.35. Next, the price will rebound down and continue to fall in the USD/JPY pair to the area below the level of 151.35.
USD/JPY Forecast for May 3, 2024
An additional signal in favor of a decline 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 bullish channel, which was broken down by sellers. Cancellation of the fall option for the Dollar/Yen currency pair will be a strong growth and a breakdown of the level of 158.35. 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 161.65. Expect confirmation of a price fall with a breakdown of the support level and price consolidation below the 151.35 area, which will indicate a breakdown of the lower boundary of the bullish channel.
USD/JPY Forecast for May 3, 2024 suggests an attempt to test the resistance area near the level of 156.35. Then, quotes continue to fall to the area below the level of 151.35. A test of the trend line on the relative strength index (RSI) will support a decline in the pair. Cancellation of the fall option will be a strong growth and a breakdown of the 158.35 area. This will indicate a breakdown of the resistance level and a continued rise in the pair with a potential target above the level of 161.65.
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