Quotes of the currency pair Dollar/Yen USD/JPY are ending the trading week near the 149.86 area. The moving averages indicate a bearish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from US dollar buyers and potential continued 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 146.05 area. Then, an upward rebound and continued growth of the pair to the area above the 156.85 level.
USD/JPY Forecast and Analysis October 21 — 25, 2024
An additional signal in favor of the growth of the Dollar Yen pair this 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 upper border of the descending channel. The USD/JPY growth scenario for the current trading week of October 21 — 25, 2024 will be cancelled by a fall and a breakout of the 136.05 area. This scenario will indicate a breakout of the support area and a continuation of the pair’s fall on Forex to the area below 132.35. The USD/JPY growth will be confirmed by a breakout of the resistance area and a price close above 151.85, which will indicate a breakout of the upper boundary of the descending channel.
USD/JPY Forecast and Analysis October 21 — 25, 2024 suggests an attempt to test the support level near the 146.05 area. From where we should expect the pair to continue growing to the area above 156.85. An additional signal in favor of growth will be a test of the trend line on the relative strength indicator. The pair’s growth option will be cancelled if it falls and breaks through the 136.05 level. This will indicate a continuation of the pair’s decline with a potential target below the 132.35 area.
