The quotes of the USD/JPY currency pair continue to move within the framework of growth development and the beginning of the development of the reversal pattern “Head and Shoulders”. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 148.28. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, 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 October 8, 2024, we should expect an attempt to develop a bearish price correction and a test of the support area near the level of 144.65. Then, an upward price rebound and continued growth of the USD/JPY pair to the area above the level of 154.85.
USD/JPY Forecast Japanese Yen for October 8, 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 upper border of the reversal pattern “Head and Shoulders”. The USD/JPY growth scenario will be cancelled if the pair falls and breaks through the 141.35 level. This will indicate a breakout of the support area and continued decline of the USD/JPY pair. In this case, we should expect the pair to continue to decline to the area below 137.25. We should expect confirmation of the price growth with a breakout of the resistance level and consolidation of the price above the 149.15 area.
USD/JPY Forecast Japanese Yen for October 8, 2024 suggests an attempt to test the support area near the 144.65 level. Then, continued growth of quotes to the area above the 154.85 level. A test of the trend line on the relative strength indicator will be in favor of the pair’s rise. The growth scenario will be cancelled if the pair falls and breaks through the 141.35 area. This will indicate a breakout of the support level and continued decline in the pair with a potential target below the 137.25 level.
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