Quotes of the currency pair Dollar/Yen USD/JPY are ending the trading week near the 156.63 area. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upwards, indicating pressure from US dollar buyers and potential continued growth from current levels. At the moment, we should expect an attempt to develop price growth and test the resistance level near the 157.65 area. Then, a downward rebound and continued fall of the pair to the area below the 148.75 level.
USD/JPY Forecast and Analysis December 23 — 27, 2024
An additional signal in favor of the fall of the Dollar Yen pair this 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 upper border of the bearish Wolfe Wave pattern. The cancellation of the USD/JPY fall option in the current trading week of December 23 — 27, 2024 will be strong growth and a breakout of the 161.55 area. This option will indicate a breakout of the resistance area and continued growth of the pair on Forex to the area above the 165.35 level. The USD/JPY pair will be confirmed by a breakout of the support area and a price close below 154.45.
USD/JPY Forecast and Analysis December 23 — 27, 2024 suggests an attempt at correction and a test of the resistance level near the 157.65 area. From where we should expect the pair to continue falling to the area below 148.75. An additional signal in favor of the fall will be a test of the trend line on the relative strength indicator. The cancellation of the pair’s decline option will be a strong growth and a breakout of the 161.55 level. This will indicate a continued rise in the pair with a potential target above the 165.35 area.
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