The quotes of the USD/JPY currency pair continue to move within the development of the decline and have left the bullish channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 153.89. 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 20, 2024, we should expect an attempt to develop price growth and a test of the resistance area near the level of 154.45. Then, a downward price rebound and a continuation of the fall of the USD/JPY pair to the area below the level of 149.65.
USD/JPY Forecast Japanese Yen for November 20, 2024
An additional signal in favor of the fall of 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 lower border of the bullish channel, which was broken through by sellers downwards. The cancellation of the decline option for the Dollar/Yen currency pair will be a strong growth and a breakout of the 156.05 level. This will indicate a breakout of the resistance area and a continued rise in the Dollar/Yen currency pair. In this case, we should expect the pair to continue growing to the area above the 158.45 level. We should expect confirmation of the price fall with a breakout of the support level and a price consolidation below the 152.45 level.
USD/JPY Forecast Japanese Yen for November 20, 2024 suggests an attempt to test the resistance area near the 154.45 level. Then, a continuation of the fall in quotes to the area below the 149.65 level. A test of the trend line on the relative strength indicator will be in favor of the decline of the pair. The cancellation of the decline option will be a strong growth and a breakout of the 156.05 area. This will indicate a breakout of the resistance level and continued growth in the pair with a potential target above the level of 158.45.
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