The quotes of the USD/JPY currency pair continue to move within the framework of the development of a fall and a descending channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 153.84. 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 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 July 30, 2024, we should expect an attempt to develop a bullish price correction and a test of the resistance area near the level of 154.15. Next, a price rebound downwards and a continuation of the fall of the USD/JPY pair to the area below the level of 149.15.
USD/JPY Forecast Japanese Yen for July 30, 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. Cancellation of the option of a decline in the Dollar/Yen currency pair will be a strong growth and a breakout of the level of 156.65. 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 level of 158.85. Expect confirmation of the price fall with a breakout of the support level and consolidation of the price below the 151.75 area.
USD/JPY Forecast Japanese Yen for July 30, 2024 suggests an attempt to test the resistance area near the 154.15 level. Then, a continuation of the fall in quotes to the area below the 149.15 level. A test of the trend line on the relative strength indicator will be in favor of the pair’s decline. A strong growth and a breakout of the 156.65 area will cancel the fall option. This will indicate a breakout of the resistance level and continued growth in the pair with a potential target above the 158.85 level.
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