The quotes of the USD/JPY currency pair continue to move within the framework of the development of the correction and the formation of the “Triangle” model. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 146.28. Moving averages indicate the presence of 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 price fall from the current levels. As part of the forecast of the Japanese Yen exchange rate for September 3, 2024, we should expect an attempt to develop price growth and a test of the resistance area near the level of 147.05. Next, a price rebound downwards and a continuation of the fall of the USD/JPY pair to the area below the level of 140.45.
USD/JPY Forecast Japanese Yen for September 3, 2024
An additional signal in favor of the fall of 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 “Triangle” pattern. Cancellation of the option of a fall of the Dollar Yen currency pair will be strong growth and a breakout of the level of 148.65. This will indicate a breakout of the resistance area and continued growth of the Dollar Yen currency pair. In this case, we should expect the pair to continue rising to the area above 151.85. We should expect confirmation of the price fall with a breakout of the support level and price consolidation below 143.45, which will indicate a breakout of the lower border of the Triangle pattern and the beginning of the pattern with targets below.
USD/JPY Forecast Japanese Yen for September 3, 2024 suggests an attempt to test the resistance area near 147.05. Then, a continuation of the fall in quotes to the area below 140.45. A test of the trend line on the relative strength indicator will be in favor of a decline in the pair. A strong growth and a breakout of the 148.65 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 151.85.
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