Quotes of the currency pair Dollar/Yen USD/JPY are ending the trading week near the 155.64 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 157.75 area. Then, a rebound downwards and continued fall of the pair to the area below the 146.95 level.
USD/JPY Forecast January 20 — 24, 2025
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 “Wedge” reversal pattern. The cancellation of the USD/JPY fall option in the current trading week of January 20 — 24, 2025 will be strong growth and a breakout of the 163.05 area. This option will indicate a breakout of the resistance area and continued growth of the pair on Forex to the area above the 167.55 level. The USD/JPY pair will be confirmed by a breakout of the support area and closing the price below 154.65, which will indicate a breakout of the lower border of the bullish reversal pattern “Wedge” and the beginning of the pattern with targets below.
USD/JPY Forecast January 20 — 24, 2025 suggests an attempt at correction and a test of the resistance level near the 157.75 area. From where we should expect the pair to continue falling to the area below 146.95. 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 163.05 level. This will indicate a continuation of the pair’s rise with a potential target above the 167.55 area.
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