Quotes of the currency pair Dollar/Yen USD/JPY are ending the trading week near the 150.05 area. The moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from US dollar buyers and potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a price increase and test the resistance level near the 151.75 area. Then, a downward rebound and continuation of the fall of the pair to the area below the 135.45 level.
USD/JPY Forecast and Analysis December 2 — 6, 2024
An additional signal in favor of the fall of the Dollar Yen pair in the current trading week will be a test of the descending trend line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel, which was broken down by sellers. The cancellation of the fall option for the USD/JPY pair in the current trading week of December 2 — 6, 2024 will be a strong growth and a breakout of the 158.65 area. This option will indicate a breakout of the resistance area and continued growth of the pair on Forex to the area above the level of 163.85. Confirmation of the fall in the USD/JPY pair will be a breakout of the support area and closing of the price below the level of 149.05.
USD/JPY Forecast and Analysis December 2 — 6, 2024 suggests an attempt at correction and a test of the resistance level near the area of 151.75. From where we should expect a continuation of the fall of the pair to the area below the level of 135.45. An additional signal in favor of the fall will be a test of the trend line on the relative strength indicator. Cancellation of the option of the pair’s decline will be a strong growth and a breakout of the level of 158.65. This will indicate a continuation of the rise of the pair with a potential target above the area of 163.85.
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