The quotes of the USD/JPY currency pair continue to move within the framework of the correction development and the formation of the “Triangle” model. At the time of the forecast publication, the US Dollar to Japanese Yen exchange rate is 146.15. The 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 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 September 4, 2024, we should expect an attempt to develop price growth and a test of the resistance area near the 146.75 level. Then, a price rebound downwards and a continuation of the fall of the USD/JPY pair to the area below the 138.85 level.
USD/JPY Forecast Japanese Yen for September 4, 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. The cancellation of the fall option of the Dollar/Yen currency pair will be a strong growth and a breakout of the 148.45 level. 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 to rise to the area above the 151.65 level. We should expect confirmation of the price fall with a breakout of the support level and the price consolidation below the 142.65 area, 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 4, 2024 suggests an attempt to test the resistance area near the 146.75 level. Then, the quotes will continue to fall to the area below 138.85. 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 148.45 area will cancel the fall option. This will indicate a breakout of the resistance level and continued growth for the pair with a potential target above 151.65.
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