Quotes of the currency pair Dollar/Yen USD/JPY complete the trading week with a fall near the area of 141.52. The pair continues to move within the decline and bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the US dollar and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the 141.25 area. Then, a rebound upward and continued growth of the pair to the area above the level of 151.85.
USD/JPY Forecast January 1 — 5, 2024
An additional signal in favor of growth in the Dollar/Yen pair in the current trading week will be a test of the bullish trend 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 fall option for the USD/JPY pair in the current trading week of January 1 — 5, 2024 will be a fall and a breakdown of the 137.85 area. This option will indicate a breakdown of the support area and a continued fall of the pair on Forex to the area below the level of 134.75. Confirmation of growth in the USD/JPY pair will be a breakdown of the resistance area and closing of the price above the level of 143.35, which will indicate a breakdown of the upper boundary of the bearish channel.
USD/JPY Forecast January 1 — 5, 2024 suggests an attempt to test the support level near the 141.25 area. Where can we expect the pair to continue to grow to the area above the level of 151.85. An additional signal in favor of an increase will be a test of the trend line on the relative strength index (RSI). Cancellation of the pair’s growth option will be a fall and a breakdown of the level of 137.85. This will indicate a continued decline in the pair with a potential target below the 134.75 area.
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