The quotes of the USD/JPY currency pair continue to move within the framework of the development of the decline and the formation of the reversal pattern “Head and Shoulders”. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 154.28. 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 26, 2024, we should expect an attempt to develop price growth and a test of the resistance area near the level of 155.25. Then, a downward price rebound and a continuation of the fall of the USD/JPY pair to the area below the level of 151.45.
USD/JPY Forecast Japanese Yen for November 26, 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 reversal pattern “Head and Shoulders”. The cancellation of the decline option for the Dollar Yen currency pair will be a strong growth and a breakout of the level of 156.85. 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 level of 158.75. We should expect confirmation of the price fall with a breakout of the support level and the price consolidation below the level of 153.05, which will indicate a breakout of the lower border of the reversal pattern “Head and Shoulders” and the beginning of the pattern with targets below.
USD/JPY Forecast Japanese Yen for November 26, 2024 suggests an attempt to test the resistance area near the level of 155.25. Then, a continuation of the fall in quotes to the area below the level of 151.45. 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 156.85 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 158.75 level.
