The quotes of the USD/JPY currency pair continue to move within the framework of the development of growth and a bullish channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 148.19. 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 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 October 9, 2024, we should expect an attempt to develop a bearish price correction and a test of the support area near the level of 147.25. Next, an upward price rebound and continued growth of the USD/JPY pair to the area above the level of 151.75.
USD/JPY Forecast Japanese Yen for October 9, 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 lower border of the bullish channel. The cancellation of the growth option for the Dollar Yen currency pair will be a fall and a breakout of the level of 146.65. This will indicate a breakout of the support area and a continued fall of the Dollar Yen currency pair. In this case, we should expect the pair to continue to decline to the area below 143.85. We should expect confirmation of the price growth with a breakout of the resistance level and consolidation of the price above the area of 149.75.
USD/JPY Forecast Japanese Yen for October 9, 2024 suggests an attempt to test the support area near the level of 147.25. Then, the continuation of the growth of quotes to the area above the level of 151.75. A test of the trend line on the relative strength indicator will be in favor of the rise of the pair. The cancellation of the growth option will be a fall and a breakout of the 146.65 area. This will indicate a breakout of the support level and a continuation of the fall in the pair with a potential target below the level of 143.85.
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