Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the fall and the formation of the “Head and Shoulders” reversal pattern. At the time of publication of the forecast, the US Dollar to the Japanese Yen is 139.89. 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 November 18, 2022, we should expect an attempt to develop a correction and test the support area near the level of 138.25. Further, the price bounces up and the USD/JPY pair continues to fall to the area above the level of 144.65.
USD/JPY Forecast November 18, 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 boundary of the ”Head and Shoulders” reversal pattern. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 137.25. This will indicate a breakdown of the support area and a continued decline in the Dollar/Yen pair. In this case, we should expect the pair to continue falling to the area below the level of 134.45. With the breakdown of the resistance area and the closing of quotes above the level of 141.75, it is worth considering the acceleration of the price rise, which will indicate the breakdown of the upper limit of the downward correction channel for the pair.
USD/JPY Forecast November 18, 2022 suggests an attempt to test the support area near the level of 138.25. Then, the continuation of the growth of quotations in the area above the level of 144.65. 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 137.25. 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 134.45.
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