The quotes of the USD/JPY currency pair continue to move within the framework of the development of growth and a bullish channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 154.32. 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 current levels. As part of the forecast of the Japanese Yen exchange rate for November 13, 2024, we should expect an attempt to develop a price fall and a test of the support area near the level of 152.65. Next, an upward price rebound and continued growth of the USD/JPY pair to the area above the level of 158.45.
USD/JPY Forecast Japanese Yen for November 13, 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 USD/JPY currency pair growth option can be cancelled if it falls and breaks through the 149.65 level. This will indicate a breakout of the support area and continued decline of the USD/JPY currency pair. In this case, we should expect the pair to continue to decline to the area below the 147.25 level. We should expect confirmation of the price growth with a breakout of the resistance level and price consolidation above the 155.05 level, which will indicate a breakout of the upper border of the Triangle pattern and the beginning of the pattern with targets at the top.
USD/JPY Forecast Japanese Yen for November 13, 2024 suggests an attempt to test the support area near the 152.65 level. Then, continued growth of quotes to the area above the 158.45 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 can be cancelled if it falls and breaks through the 149.65 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 147.25.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
