Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week of corrections near the area of 133.85. The pair continues to move within the framework of the correction and the formation of the bullish “Wolfe Wave” pattern. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines down, which indicates pressure from US dollar buyers and a potential continuation of growth. At the moment, we should expect an attempt to develop a fall and test the support level near the area of 124.45. Then, a rebound up and the continuation of the growth of the pair to the area above the level of 140.75.
USD/JPY Forecast Weekly Forecast April 24 — 28, 2023
An additional signal in favor of the rise of the Dollar/Yen pair in the current trading week will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish ”Wolfe Wave” pattern. Cancellation of the growth option for the USD/JPY pair in the current trading week April 24 — 28, 2023 will be a fall and a breakdown of the 118.05 area. This option will indicate a breakdown of the support area and the continuation of the fall of the pair on Forex to the area below the level of 114.75. The USD/JPY growth will be confirmed by a breakdown of the resistance area and closing of the price above the level of 136.55, which will indicate the breakdown of the upper border of the bullish “Wolfe Wave” 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 Japanese Yen, it is worth highlighting: Japan Retail Sales m/m, Bank of Japan (BoJ) Interest Rate Decision.
USD/JPY Forecast Weekly Forecast April 24 — 28, 2023 suggests an attempt to test the support level near the area of 124.45. Where should we expect the pair to continue rising to the area above the level of 140.75. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the pair’s rise option will be a fall and a breakdown of the level of 118.05. This will indicate a continued decline in the pair with a potential target below the 114.75 area.
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