Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the bearish channel. At the time of the publication of the forecast, the US Dollar to Japanese Yen exchange rate is 130.97. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken down the area between the signal lines, which indicates pressure from sellers 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 March 24, 2023, we should expect an attempt to develop growth and test the resistance area near the level of 132.55. Further, the price bounces down and the USD/JPY pair continues to fall to the area below the level of 125.35.
USD/JPY Forecast March 24, 2023
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 index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling the Dollar/Yen currency pair will be a strong growth and a breakdown of the level of 135.25. This will indicate a breakdown of the resistance area and the continuation of the rise of the Dollar/Yen pair. In this case, we should expect the pair to continue rising to the area above the level of 137.75. With the breakdown of the support area and the closing of quotes below the level of 130.05.
USD/JPY Forecast March 24, 2023 suggests an attempt to test the resistance area near the level of 132.55. Then, the continuation of the fall of quotations to the area below the level of 125.35. In favor of the fall of the pair, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the reduction option will be a strong growth and a breakdown of the area of 135.25. This will indicate a breakdown of the resistance level and continued growth in the pair with a potential target above the level of 137.75.
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