The quotes of the USD/JPY currency pair continue to move within the framework of the growth development and the formation of the descending “Wolfe Wave” model. At the time of the forecast publication, the US Dollar to Japanese Yen exchange rate is 150.44. The moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from US Dollar buyers and a potential continuation of price growth from the current levels. As part of the Japanese Yen exchange rate forecast for December 10, 2024, we should expect an attempt to develop an increase and test the resistance area near the 151.55 level. Then, a price rebound downwards and a continuation of the fall of the USD/JPY pair to the area below the 147.95 level.
USD/JPY Forecast Japanese Yen for December 10, 2024
An additional signal in favor of a decline in the USD/JPY currency pair will be a test of the resistance 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 fall option for the Dollar/Yen currency pair will be a strong growth and a breakout of the 152.65 level. This will indicate a breakout of the resistance area and continued growth of the Dollar/Yen currency pair. In this case, we should expect the pair to continue to rise to the area above the 154.25 level. We should expect confirmation of the price fall with a breakout of the support level and consolidation of the price below the 149.65 level, which will indicate a breakout of the lower border of the bullish channel.
USD/JPY Forecast Japanese Yen for December 10, 2024 suggests an attempt to test the resistance area near the 151.55 level. Then, the quotes will continue to fall to the area below 147.95. A test of the trend line on the relative strength indicator will be in favor of the pair’s decline. A strong growth and a breakout of the 152.65 area will cancel the fall option. This will indicate a breakout of the resistance level and continued growth for the pair with a potential target above 154.25.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
