Quotes of the currency pair Dollar to Yen USD/JPY complete the trading week with growth near the area of 147.87. The pair continues to move within the rise and bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the US dollar and a potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a price decline and a test of the support level near the 141.55 area. Then, a rebound upward and continued growth of the pair to the area above the level of 156.45.
USD/JPY Weekly Forecast September 18 — 22, 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 bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the USD/JPY pair in the current trading week of September 18 — 22, 2023 will be a fall and a breakdown of the 139.05 area. This option will indicate a breakdown of the support area and a continued fall of the pair on Forex to the area below the level of 135.65. Confirmation of growth in the USD/JPY pair will be a breakdown of the resistance area and closing of the price above the level of 151.65.
Among the important news from Japan that may have an impact on the Japanese Yen rate, it is worth highlighting: Bank of Japan (BoJ) Interest Rate Decision, Bank of Japan (BoJ) Press Conference.
USD/JPY Weekly Forecast September 18 — 22, 2023 suggests an attempt to test the support level near the 141.55 area. Where can we expect the pair to continue to grow to the area above the level of 156.45. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the pair will be a fall and a breakdown of the level of 139.05. This will indicate a continued decline in the pair with a potential target below the 135.65 area.
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