USD/JPY Weekly Forecast October 3 — 7, 2022


Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of ​​144.67. The pair continues to move within the development of growth and a bullish channel. Moving averages indicate a bullish trend. Prices have gone up from the area between the signal lines, which indicates pressure from US dollar buyers and a potential continuation of the rise. At the moment, we should expect an attempt to develop a correction and test the support level near the area of ​​138.75. Then, a rebound up and continued growth of the fall of the pair to the area below the level of 159.05.

USD/JPY Weekly Forecast October 3 — 7, 2022

An additional signal in favor of the growth of the Dollar/Yen pair in the current trading week will be a test of the bullish 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 option to raise the USD/JPY pair in the current trading week October 3 — 7, 2022 will be a fall and a breakdown of the 133.35 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 127.95. The USD/JPY growth will be confirmed by the breakdown of the resistance area and the closing of the price above the level of 146.65.

USD/JPY Weekly Forecast October 3 — 7, 2022

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 Weekly Forecast October 3 — 7, 2022 suggests an attempt to test the support level near the area of ​​138.75. Where should we expect the pair to continue rising to the area above the level of 159.05. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the pair will be a decline and a breakdown of the level of 133.35. This will indicate a continued decline in the pair with a potential target below the 127.95 area.


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