Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the formation of the bullish “Wolfe Wave” model. At the time of the publication of the forecast, the US dollar against the Japanese Yen is 135.47. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the US Dollar and a potential continuation of the fall in prices already from current levels. As part of the forecast for the Japanese Yen on July 29, 2022, we should expect an attempt to develop a decline and test the support area near the level of 135.05. Further, the price bounces up and the USD/JPY pair continues to rise to the area above the level of 137.65.
USD/JPY Forecast Japanese Yen July 29, 2022
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 index (RSI). The second signal will be a rebound from the lower border of the bullish “Wolfe Wave” pattern. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 134.25. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Yen pair. In this case, we should expect the pair to continue falling to the area below the level of 132.25. With a breakdown of the resistance area and closing of quotes above the level of 136.55, which will indicate a breakdown of the upper border of the descending channel.
Among the important news from Japan, which may have an impact on the USD/JPY pair, it is worth highlighting: Japan Retail Sales m/m.
USD/JPY Forecast Japanese Yen July 29, 2022 suggests an attempt to test the support area near the level of 135.05. Then, the continuation of the growth of quotations in the area above the level of 137.65. In favor of the pair’s growth, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the rise option will be a fall and a breakdown of the area of 134.25. This will indicate a breakdown of the support level and a continuation of the pair’s fall with a potential target below the level of 132.25.
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