The quotes of the USD/JPY currency pair continue to move within the framework of the development of the correction and the formation of the bullish “Wolf Wave” model. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 146.00. 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 price decline from the current levels. As part of the forecast of the Japanese Yen exchange rate for August 22, 2024, we should expect an attempt to develop a price decline and a test of the support area near the level of 144.05. Next, a price rebound upward and continued growth of the USD/JPY pair to the area above the level of 147.45.
USD/JPY Forecast Japanese Yen for August 22, 2024
An additional signal in favor of the rise 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 bullish “Wolf Wave” pattern. The cancellation of the growth option for the Dollar Yen currency pair will be a fall and a breakout of the level of 142.90. 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 the pair to continue to decline to the area below 139.76. We should expect confirmation of the price growth with a breakout of the resistance level and price consolidation above the 146.45 area, which will indicate a breakout of the upper border of the “Wolfe Wave” pattern.
USD/JPY Forecast Japanese Yen for August 22, 2024 suggests an attempt to test the support area near the 144.05 level. Then, a continuation of the fall in quotes to the area below the 147.45 level. A test of the trend line on the relative strength indicator will be in favor of the rise of the pair. The cancellation of the growth option will be a fall and a breakout of the 142.90 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 139.76 level.
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