Quotes of the currency pair Dollar/Yen USD/JPY are ending the trading week near the 151.93 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 148.65 area. Then, an upward rebound and continued growth of the pair to the area above the 157.45 level.
USD/JPY Forecast and Analysis October 28 — November 1, 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 28 — November 1, 2024 will be cancelled by a fall and a breakout of the 142.25 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 137.85. The USD/JPY growth will be confirmed by a breakout of the resistance area and a price close above 153.45.
USD/JPY Forecast and Analysis October 28 — November 1, 2024 suggests an attempt to test the support level near the 148.65 area. From where we should expect the pair to continue growing to the area above 157.45. An additional signal in favor of growth will be a test of the trend line on the relative strength indicator. The cancellation of the growth option for the pair will be a fall and a breakout of the 142.25 level. This will indicate a continuation of the pair’s decline with a potential target below the 137.85 area.
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