The quotes of the USD/JPY currency pair continue to move as part of the development of the fall and have left the limits of the Double Top reversal pattern. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 147.61. Moving averages indicate a short-term bearish trend for the pair. Prices have broken 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 exchange rate for November 22, 2023, we should expect an attempt to develop price growth and test the resistance area near the level of 148.15. Next, the price will rebound downwards and the USD/JPY pair will continue to fall to the area below the level of 144.65.
USD/JPY Forecast for November 23, 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 upper border of the bearish channel. Cancellation of the fall option for the Dollar/Yen currency pair will be a strong growth and a breakdown of the level of 149.65. 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 152.75. Expect confirmation of a price fall with a breakdown of the support level and price consolidation below the 146.75 area.
USD/JPY Forecast for November 23, 2023 suggests an attempt to test the resistance area near the level of 148.15. Then, quotes continue to fall to the area below the level of 144.65. A test of the trend line on the relative strength index (RSI) will support the fall of the pair. Cancellation of the downward option will be a strong growth and a breakdown of the area of 149.65. This will indicate a breakdown of the resistance level and continued growth in the pair with a potential target above the level of 152.75.
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