Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week near the area of 147.31. The pair continues to move as part of the development of a strong downward correction 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 142.25. Then, a rebound up and continued growth of the pair’s fall to the area below the level of 172.05.
USD/JPY Weekly Forecast October 31 — November 4, 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 31 — November 4, 2022 will be a fall and a breakdown of the 134.05 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 128.35. The USD/JPY growth will be confirmed by the breakdown of the resistance area and the closing of the price above the level of 158.35, which will indicate the breakdown of the upper limit of the bullish channel, and this is a signal to increase the width of the channel.
Among the important news from Japan that may have an impact on the rate of the Japanese Yen, it is worth highlighting: Japan Retail Sales m/m.
USD/JPY Weekly Forecast October 31 — November 4, 2022 suggests an attempt to test the support level near the area of 142.25. Where should we expect the pair to continue rising to the area above the level of 172.05. 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 134.05. This will indicate a continued decline in the pair with a potential target below the 128.35 area.
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