Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week with a fall near the area of 132.83. The pair continues to move as part of the development of the correction and the bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines down, which indicates pressure from US dollar sellers and a potential continuation of the fall. At the moment, we should expect an attempt to develop a decline and test the support level near the area of 131.35. Then, a rebound upwards and the continuation of the growth of the pair to the area above the level of 141.25.
USD/JPY Forecast January 9 — 13, 2023
An additional signal in favor of the growth of 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 lower boundary of the Head and Shoulders reversal pattern. Cancellation of the option to raise the USD/JPY pair in the current trading week January 9 — 13, 2023 will be a fall and a breakdown of the 126.05 area. This option will indicate a breakdown of the support area and the continuation of the fall of the pair on Forex to the area below the level of 122.45. The USD/JPY growth will be confirmed by the breakdown of the resistance area and the closing of the price above the level of 135.05, which will indicate the breakdown of the upper border of the descending channel.
USD/JPY Forecast January 9 — 13, 2023 suggests an attempt to test the support level near the area of 131.35. Where should we expect the pair to continue rising to the area above the level of 141.25. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the pair will be a fall and a breakdown of the level of 126.05. This will indicate a continued decline in the pair with a potential target below the 122.45 area.
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