Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week with a correction near the area of 134.19. The pair continues to move as part of the rise and the bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the US dollar and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a price reduction and a test of the support level near the area of 131.35. Then, a rebound up and continued growth of the pair to the area above the level of 148.75.
USD/JPY Forecast Weekly Forecast May 8 — 12, 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 channel. Cancellation of the growth option for the USD/JPY pair in the current trading week May 8 — 12, 2023 will be a fall and a breakdown of the 128.65 area. This option will indicate a breakdown of the support area and the continued fall of the pair on Forex to the area below the level of 124.75. The USD/JPY growth will be confirmed by a breakdown of the resistance area and closing of the price above the level of 138.55, which will indicate the breakdown of the upper border of the “Double Bottom” reversal pattern and the beginning of the pattern with targets at the top.
USD/JPY Forecast Weekly Forecast May 8 — 12, 2023 suggests an attempt to test the support level near the area of 131.35. Where should we expect the pair to continue rising to the area above the level of 148.75. 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 128.65. This will indicate a continued decline in the pair with a potential target below the 124.75 area.
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