Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the correction after a strong fall and left the bullish channel. At the time of publication of the forecast, the US Dollar to the Japanese Yen is 140.72. Moving averages indicate the presence of a short-term bullish 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 November 15, 2022, we should expect an attempt to develop a bullish correction and test the resistance area near the level of 141.95. Further, the price bounces down and the USD/JPY pair continues to fall to the area below the level of 132.65.
USD/JPY Forecast November 15, 2022
An additional signal in favor of the decline in the USD/JPY currency pair will be a test of the downtrend 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 145.25. 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 148.05. With the breakdown of the support area and the closing of quotes below the level of 137.65, which will indicate a breakdown of the lower border of the next bullish correction channel.
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 November 15, 2022 suggests an attempt to test the resistance area near the level of 141.95. Then, the continuation of the fall of quotations to the area below the level of 132.65. In favor of the pair’s decline, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the fall option will be a strong growth and a breakdown of the area of 145.25. This will indicate a breakdown of the resistance level and continued growth in the pair with a potential target above the level of 148.05.
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