Quotes of the currency pair Dollar to Yen USD/JPY complete the trading week with growth near the area of 142.44. The pair continues to move within the framework of a strong correction and a 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 139.05. Then, a rebound up and the continuation of the growth of the pair to the area above the level of 156.75.
USD/JPY Weekly Forecast July 10 — 14, 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 July 10 — 14, 2023 will be a fall and a breakdown of the 140.05 area. This option will indicate a breakdown of the support area and a continuation of the fall of the pair on Forex to the area below the level of 136.75. The USD/JPY pair will be confirmed by a breakdown of the resistance area and closing of the price above the level of 146.55.
USD/JPY Weekly Forecast July 10 — 14, 2023 suggests an attempt to test the support level near the area of 139.05. Where should we expect the pair to continue rising to the area above the level of 156.75. 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 140.05. This will indicate a continued decline in the pair with a potential target below the 136.75 area.
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