Quotes of the currency pair Dollar/Yen USD/JPY are ending the trading week near the 152.76 area. The moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upwards, 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 bearish price correction and a test of the support level near the 150.25 area. Then, an upward rebound and continued growth of the pair to the area above the 158.35 level.
USD/JPY Forecast and Analysis November 4 — 8, 2024
An additional signal in favor of the growth of the Dollar Yen pair in the current trading week will be a test of the broken trend line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the growth option for the USD/JPY pair in the current trading week of November 4 — 8, 2024 will be a fall and a breakout of the 148.45 area. This option will indicate a breakout of the support area and a continuation of the fall of the pair on Forex to the area below the 143.65 level. The USD/JPY pair growth will be confirmed by a breakout of the resistance area and closing of the price above the level of 154.45.
USD/JPY Forecast and Analysis November 4 — 8, 2024 suggests an attempt to test the support level near the 150.25 area. From where we should expect the pair to continue growing to the area above the level of 158.35. An additional signal in favor of growth will be a test of the trend line on the relative strength indicator. The cancellation of the pair’s growth option will be a fall and a breakout of the 148.45 level. This will indicate a continuation of the pair’s decline with a potential target below the 143.65 area.
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