The quotes of the USD/JPY currency pair continue to move within the development of a fall and a descending channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 155.50. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices are 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 for the Japanese Yen exchange rate for January 21, 2025, we should expect an attempt to develop a bullish correction and a test of the resistance area near the 155.85 level. Then, a downward price rebound and a continuation of the fall of the USD/JPY pair to the area below the 153.05 level.
USD/JPY Forecast Japanese Yen for January 21, 2025
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 channel. The cancellation of the option of a fall in the Dollar/Yen currency pair will be a strong growth and a breakout of the 156.75 level. This will indicate a breakout of the resistance area and a continuation of the rise of the Dollar/Yen currency pair. In this case, we should expect the pair to continue growing to the area above the 158.85 level. We should expect confirmation of the price fall with a breakout of the support level and a price consolidation below the 154.75 level.
USD/JPY Forecast Japanese Yen for January 21, 2025 suggests an attempt to test the resistance area near the 155.85 level. Then, a continuation of the fall in quotes to the area below the 153.05 level. A test of the resistance line on the relative strength indicator will be in favor of a decline in the pair. The cancellation of the fall option will be a strong growth and a breakout of the 156.75 area. This will indicate a breakout of the resistance level and continued growth in the pair with a potential target above the 158.85 level.
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