The quotes of the USD/JPY currency pair continue to move within the development of a bullish correction and a descending channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 147.26. 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 8, 2024, we should expect an attempt to develop a bullish price correction and a test of the resistance area near the level of 147.65. Then, a downward price rebound and a continuation of the fall of the USD/JPY pair to the area below the level of 136.65.
USD/JPY Forecast Japanese Yen for August 8, 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 decline option for the Dollar Yen currency pair will be a strong growth and a breakout of the 150.45 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 the pair to continue to rise to the area above the 153.75 level. We should expect confirmation of the price fall with a breakout of the support level and consolidation of the price below the 142.55 area.
USD/JPY Forecast Japanese Yen for August 8, 2024 suggests an attempt to test the resistance area near the 147.65 level. Then, a continuation of the fall in quotes to the area below the 136.65 level. A test of the trend line on the relative strength indicator will be in favor of the decline of the pair. The cancellation of the decline option will be a strong growth and a breakout of the 150.45 area. This will indicate a breakout of the resistance level and continued growth for the pair with a potential target above 153.75.
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