Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week with a fall near the area of 129.93. The pair continues to move as part of the fall and the formation of a 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 124.25. Then, a rebound up and the continuation of the growth of the pair to the area above the level of 137.45.
USD/JPY Forecast Weekly Forecast March 27 — 31, 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 March 27 — 31, 2023 will be a fall and a breakdown of the 119.05 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 115.65. The USD/JPY growth will be confirmed by the breakdown of the resistance area and the closing of the price above the level of 133.35, which will indicate the breakdown of the upper border of the descending channel.
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: Bank of Japan (BoJ) Governor Kuroda Speech, Japan Retail Sales m/m.
USD/JPY Forecast Weekly Forecast March 27 — 31, 2023 suggests an attempt to test the support level near the area of 124.25. Where should we expect the pair to continue rising to the area above the level of 137.45. 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 119.05. This will indicate a continued decline in the pair with a potential target below the 115.65 area.
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