Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the formation of the “Wedge” model. At the time of publication of the forecast, the US Dollar to the Japanese Yen is 145.67. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices are again testing the area between the signal lines, 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 October 28, 2022, we should expect an attempt to develop a slight correction and test the support area near the level of 144.45. Further, the price bounces up and the USD/JPY pair continues to rise to the area above the level of 156.55.
USD/JPY Forecast October 28, 2022
An additional signal in favor of the rise of the USD/JPY currency pair will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “Wedge” model. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 140.75. 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 138.25. With the breakdown of the resistance area and the closing of quotes above the level of 148.75, which will indicate the breakdown of the upper boundary of the “Wedge” reversal model and the beginning of the pattern with targets at the top.
Among the important news from Japan that may have an impact on the USD/JPY pair, it is worth highlighting: Bank of Japan (BoJ) Interest Rate Decision.
USD/JPY Forecast October 28, 2022 suggests an attempt to test the support area near the level of 144.45. Then, the continuation of the growth of quotations in the area above the level of 156.55. 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 140.75 area. 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 138.25.
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