The quotes of the USD/JPY currency pair continue to move within the framework of the growth development and the formation of the “Head and Shoulders” reversal pattern. At the time of the forecast publication, the US Dollar to Japanese Yen exchange rate is 155.73. The 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 the current levels. As part of the Japanese Yen exchange rate forecast for November 21, 2024, we should expect an attempt to develop price growth and a test of the resistance area near the 156.25 level. Then, a price rebound downwards and a continuation of the fall of the USD/JPY pair to the area below the 151.75 level.
USD/JPY Forecast Japanese Yen for November 21, 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 upper border of the “Head and Shoulders” reversal pattern. The cancellation of the option of a decline in the Dollar/Yen currency pair will be a strong growth and a breakout of the 157.05 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 159.25 level. We should expect confirmation of the price fall with a breakout of the support level and a price consolidation below the 154.95 level, which will indicate a breakout of the lower border of the bullish channel.
USD/JPY Forecast Japanese Yen for November 21, 2024 suggests an attempt to test the resistance area near the 156.25 level. Then, a continuation of the fall in quotes to the area below the 151.75 level. A test of the trend line on the relative strength indicator will be in favor of the pair’s decline. A strong growth and a breakout of the 157.05 area will cancel the fall option. This will indicate a breakout of the resistance level and continued growth for the pair with a potential target above the 159.25 level.
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