The quotes of the USD/JPY currency pair continue to move within the framework of the growth development and the bullish channel. At the time of the forecast publication, the US Dollar to Japanese Yen exchange rate is 157.79. Moving averages indicate the presence of a short-term bullish 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 27, 2024, we should expect an attempt to develop a decline and a test of the support area near the 156.45 level. Then, a price rebound upwards and continued growth of the USD/JPY pair to the area above the 160.25 level.
USD/JPY Forecast Japanese Yen for December 27, 2024
An additional signal in favor of the growth of the USD/JPY currency pair will be a test of the support 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 of the Dollar/Yen currency pair will be a fall and a breakout of the 155.65 level. This will indicate a breakout of the support area and a continuation of the fall of the Dollar/Yen currency pair. In this case, we should expect a continuation of the decline of the pair to the area below the 154.05 level. We should expect confirmation of the price growth with a breakout of the resistance level and consolidation of the price above the 158.65 level.
USD/JPY Forecast Japanese Yen for December 27, 2024 suggests an attempt to test the support area near the level of 156.45. Then, the continuation of the growth of quotes to the area above the level of 160.25. The test of the trend line on the relative strength indicator will be in favor of the rise of the pair. The cancellation of the growth option will be a fall and a breakout of the 155.65 area. This will indicate a breakout of the support level and a continuation of the fall in the pair with a potential target below the level of 154.05.
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