Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week with a fall near the area of 131.93. The pair continues to move within the framework of the development of the decline and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the US dollar and a potential continuation of the rise. At the moment, we should expect an attempt to develop growth and test the resistance level near the area of 133.35. Then, a rebound down and the continuation of the fall of the pair to the area below the level of 112.25.
USD/JPY Forecast January 2 — 6, 2023
An additional signal in favor of the decline in the Dollar/Yen pair in the current trading week will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to reduce the USD/JPY pair in the current trading week January 2 — 6, 2023 will be a strong growth and a breakdown of the 138.25 area. This option will indicate a breakdown of the resistance area and continued growth of the pair on Forex to the area above the level of 143.65. The fall in the USD/JPY pair will be confirmed by a breakdown of the support area and the closing of the price below the level of 127.05, which will indicate a breakdown of the lower border of the bullish channel.
USD/JPY Forecast January 2 — 6, 2023 suggests an attempt to test the resistance level near the area of 133.35. Where should we expect the pair to continue falling to the area below the level of 112.25. An additional signal in favor of the decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of the fall of the pair will be a strong growth and a breakdown of the level of 138.25. This will indicate a continuation of the pair’s rise with a potential target above the 143.65 area.
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