The quotes of the USD/JPY currency pair continue to move within the development of a strong decline and a descending channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 154.02. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines downwards, 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 January 28, 2025, we should expect an attempt to develop a bullish correction and a test of the resistance area near the level of 154.35. Then, a downward price rebound and a continuation of the fall of the USD/JPY pair to the area below the level of 151.85.
USD/JPY Forecast Japanese Yen for January 28, 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 descending channel. The cancellation of the fall option for the Dollar/Yen currency pair will be a strong growth and a breakout of the 156.45 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 159.35 level. We should expect confirmation of the price fall with a breakout of the support level and the price consolidation below the 152.25 level, which will indicate a breakout of the lower border of the bearish channel, and this is a signal for a fall by the width of the channel.
USD/JPY Forecast Japanese Yen for January 28, 2025 suggests an attempt to test the resistance area near the 154.35 level. Then, a continuation of the fall in quotes to the area below the 151.85 level. A test of the resistance line on the relative strength indicator will be in favor of the decline of the pair. The cancellation of the fall option will be a strong growth and a breakout of the 156.45 area. This will indicate a breakout of the resistance level and continued growth in the pair with a potential target above the level of 159.35.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
I request for 1hr analysis it’s better for staters and lower traders