The quotes of the USD/JPY currency pair continue to move within the framework of the correction development and the formation of the “Triangle” model. At the time of the forecast publication, the US Dollar to Japanese Yen exchange rate is 147.60. Moving averages indicate the presence of a short-term bearish trend for the pair. 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 in prices from the current levels. As part of the forecast of the Japanese Yen exchange rate for August 14, 2024, we should expect an attempt to develop a bearish price correction and a test of the resistance area near the level of 147.05. Then, an upward price rebound and continued growth of the USD/JPY pair to the area above the level of 150.85.
USD/JPY Forecast Japanese Yen for August 14, 2024
An additional signal in favor of the growth of the USD/JPY currency pair will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the “Triangle” pattern. The cancellation of the growth option for the Dollar Yen currency pair will be a fall and a breakout of the 145.45 level. This will indicate a breakout of the support area and a continuation of the fall of the Dollar Yen currency pair. In this case, we should expect a continuation of the decline of the pair to the area below the 143.25 level. We should expect confirmation of the price growth with a breakout of the resistance level and consolidation of the price above the 148.65 area, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
USD/JPY Forecast Japanese Yen for August 14, 2024 suggests an attempt to test the support area near the 147.05 level. Then, the continuation of the growth of quotes to the area above the 150.85 level. A test of the trend line on the relative strength indicator will be in favor of the rise of the pair. The growth option will be cancelled by a fall and a breakout of the 145.45 area. This will indicate a breakout of the support level and a continuation of the fall in the pair with a potential target below the 143.25 level.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
