The quotes of the USD/JPY currency pair continue to move as part of the development of a decline and a downward channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 156.95. Moving averages indicate 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 current levels. As part of the Japanese Yen exchange rate forecast for July 23, 2024, we should expect an attempt to develop a bullish price correction and a test of the resistance area near the level of 157.85. Next, the price will rebound downwards and the USD/JPY pair will continue to fall to the area below the level of 153.65.
USD/JPY Forecast Japanese Yen for July 23, 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 index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option to reduce the Dollar/Yen currency pair will be a strong growth and a breakdown of the level of 159.75. This will indicate a breakdown 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 level of 162.45. Expect confirmation of a price fall with a breakdown of the support level and price consolidation below the 155.65 area.
USD/JPY Forecast Japanese Yen for July 23, 2024 suggests an attempt to test the resistance area near the level of 157.85. Then, quotes continue to fall to the area below the level of 153.65. A test of the trend line on the relative strength index (RSI) will support a decline in the pair. Cancellation of the fall option will be a strong growth and a breakdown of the 159.75 area. This will indicate a breakdown of the resistance level and continued growth in the pair with a potential target above the level of 162.45.
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