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 150.44. Moving averages indicate a short-term bullish trend for the pair. Prices moved up from 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 November 1, 2023, we should expect an attempt to develop a price correction and a test of the support area near the level of 149.75. Next, the price will rebound upward and continue to grow in the USD/JPY pair to the area above the level of 151.95.
USD/JPY Forecast for November 1, 2023
An additional signal in favor of growth 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 148.65. 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 145.25. Expect confirmation of a price increase with a breakdown of the resistance level and price consolidation above the 151.25 area.
USD/JPY Forecast for November 1, 2023 suggests an attempt to test the support area near the level of 149.75. Then, continued growth of quotes to the area above the level of 151.95. 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 148.65. 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 145.25.
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