Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week with growth near the area of 136.44. The pair continues to move as part of the growth 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 up, which indicates pressure from US dollar buyers and a potential continuation of growth. At the moment, we should expect an attempt to develop growth and test the resistance level near the area of 137.05. Then, a rebound down and the continuation of the fall of the pair to the area below the level of 123.05.
USD/JPY Forecast Weekly Forecast March 6 — 10, 2023
An additional signal in favor of the decline in 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 upper border of the Wolfe Wave model. Cancellation of the USD/JPY pair fall option in the current trading week March 6 — 10, 2023 will be a strong growth and a breakdown of the 141.05 area. This option will indicate a breakdown of the resistance area and continued growth of the pair on Forex to the area above the level of 144.65. The fall in the USD/JPY pair will be confirmed by a breakdown of the support area and closing of the price above the level of 135.05.
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: Japan Gross Domestic Product (GDP) q/q, Bank of Japan (BoJ) Interest Rate Decision, Bank of Japan (BoJ) Press Conference.
USD/JPY Forecast Weekly Forecast March 6 — 10, 2023 suggests an attempt to test the resistance level near the area of 137.05. Where should we expect the pair to continue falling to the area below the level of 123.05. An additional signal in favor of the decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of the fall of the pair will be a strong growth and a breakdown of the level of 141.05. This will indicate a continuation of the pair’s rise with a potential target above the 144.65 area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
