Quotes of the currency pair Dollar/Yen USD/JPY complete the trading week with a correction near the 150.45 area. The pair continues to move within the growth and bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the US dollar and a potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a price rise and a test of the resistance level near the 151.25 area. Then, a rebound downward and the pair’s continued fall to the area below the level of 137.85.
USD/JPY Forecast March 4 — 8, 2024
An additional signal in favor of a fall in the Dollar/Yen pair in the current trading week will be a test of the bearish trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the Double Top reversal pattern. Cancellation of the option of falling the USD/JPY pair in the current trading week of March 4 — 8, 2024 will be a strong growth and a breakdown of the 154.45 area. This option will indicate a breakdown of the resistance area and continued growth of the pair on Forex to the area above the level of 158.75. Confirmation of a fall in the USD/JPY pair will be a breakdown of the support area and closing of the price below the level of 143.05, which will indicate a breakdown of the lower boundary of the bullish channel.
USD/JPY Forecast March 4 — 8, 2024 suggests an attempt to test the resistance level near the 151.25 area. Where can we expect the pair to continue to fall to the area below the level of 137.85. An additional signal in favor of a decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option for the pair to fall will be a strong growth and a breakdown of the level of 154.45. This will indicate a continued rise in the pair with a potential target above the 158.75 area.
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