The quotes of the USD/JPY currency pair continue to move within the framework of the development of growth and a descending channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 150.45. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the US Dollar and a potential continuation of the fall in prices from the current levels. As part of the forecast of the Japanese Yen exchange rate for December 6, 2024, we should expect an attempt to develop a decline and a test of the support area near the level of 149.95. Then, an upward price rebound and continued growth of the USD/JPY pair to the area above the level of 153.65.
USD/JPY Forecast Japanese Yen for December 6, 2024
An additional signal in favor of the rise 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 USD/JPY currency pair growth option will be cancelled if it falls and breaks through the 148.65 level. This will indicate a breakout of the support area and a continuation of the USD/JPY currency pair decline. In this case, we should expect the pair to continue falling to the area below the 145.35 level. We should expect confirmation of the price growth with a breakout of the resistance level and price consolidation above the 151.45 level, which will indicate a breakout of the upper border of the descending channel.
USD/JPY Forecast Japanese Yen for December 6, 2024 suggests an attempt to test the support area near the 149.95 level. Then, the continuation of the growth of quotes to the area above the 153.65 level. A test of the trend line on the relative strength indicator will be in favor of the rise of the pair. The growth option will be cancelled if it falls and breaks through the 148.65 area. This will indicate a breakout of the support level and a continuation of the decline in the pair with a potential target below the level of 145.35.
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