Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of strong growth and a bullish channel. At the time of the publication of the forecast, the US Dollar to the Japanese Yen is 144.09. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the US Dollar and a potential continuation of price growth already from current levels. As part of the forecast for the Japanese Yen on September 8, 2022, we should expect an attempt to develop a slight correction and test the support area near the level of 140.65. Further, the price bounces up and the USD/JPY pair continues to rise to the area above the level of 150.85.
USD/JPY Forecast Japanese Yen September 8, 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 channel. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 138.05. 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 135.75. With the breakdown of the resistance area and the closing of quotes above the level of 145.65.
Among the important news from Japan that may have an impact on the USD/JPY pair, it is worth highlighting: Japan’s Gross Domestic Product (GDP) q/q.
USD/JPY Forecast Japanese Yen September 8, 2022 suggests an attempt to test the support area near the level of 140.65. Then, the continuation of the growth of quotations in the area above the level of 150.85. In favor of the rise of the pair, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth option will be a fall and a breakdown of the area of 138.05. 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 135.75.
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