The quotes of the USD/JPY currency pair continue to move within the framework of growth development and have left the descending channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 143.36. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from US Dollar buyers and potential continuation of price growth from current levels. As part of the forecast of the Japanese Yen exchange rate for September 25, 2024, we should expect an attempt to develop a price correction and a test of the support area near the level of 142.65. Further, the price will rebound upwards and continue to grow the USD/JPY pair to the area above the level of 147.45.
USD/JPY Forecast Japanese Yen for September 25, 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 descending channel. The cancellation of the growth option of the Dollar Yen currency pair will be a fall and a breakout of the level of 141.35. This will indicate a breakout of the support area and a continuation of the fall of the Dollar Yen currency pair. In this case, we should expect a continuation of the pair’s decline to the area below 138.65. We should expect confirmation of the price growth with a breakout of the resistance level and consolidation of the price above the 145.05 area.
USD/JPY Forecast Japanese Yen for September 25, 2024 suggests an attempt to test the support area near the 142.65 level. Then, the continuation of the growth of quotes to the area above the 147.45 level. 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 141.35 area. This will indicate a breakout of the support level and a continuation of the decline in the pair with a potential target below the 138.65 level.
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