The quotes of the USD/JPY currency pair continue to move within the framework of the correction development and the descending channel. At the time of the forecast publication, the US Dollar to Japanese Yen exchange rate is 144.52. The 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 US Dollar sellers and a potential continuation of the price decline from the current levels. As part of the Japanese Yen exchange rate forecast for August 7, 2024, we should expect an attempt to develop a bullish price correction and a test of the resistance area near the 145.85 level. Then, a price rebound downwards and a continuation of the fall of the USD/JPY pair to the area below the 138.35 level.
USD/JPY Forecast Japanese Yen for August 7, 2024
An additional signal in favor of a decline in the USD/JPY currency pair will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper border of the bearish channel. The cancellation of the option of a decline in the Dollar/Yen currency pair will be a strong growth and a breakout of the 148.85 level. This will indicate a breakout of the resistance area and continued growth of the Dollar/Yen currency pair. In this case, we should expect a continuation of the rise of the pair to the area above the 152.85 level. We should expect confirmation of the price fall with a breakout of the support level and consolidation of the price below the 140.65 area.
USD/JPY Forecast Japanese Yen for August 7, 2024 suggests an attempt to test the resistance area near the 145.85 level. Then, a continuation of the fall in quotes to the area below the 138.35 level. A test of the trend line on the relative strength indicator will be in favor of a decline in the pair. The cancellation of the fall option will be a strong growth and a breakout of the 148.85 area. This will indicate a breakout of the resistance level and continued growth in the pair with a potential target above the 152.85 level.
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