The quotes of the USD/JPY currency pair continue to move as part of the decline and the beginning of the “Triangle” pattern. At the time of the forecast publication, the US Dollar to Japanese Yen exchange rate is 153.74. The moving averages indicate a short-term bullish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from US Dollar buyers and potential continuation of price growth from current levels. As part of the Japanese Yen exchange rate forecast for November 27, 2024, we should expect an attempt to develop price growth and test the resistance area near the 154.75 level. Then, a price rebound downwards and a continuation of the fall of the USD/JPY pair to the area below the 150.65 level.
USD/JPY Forecast Japanese Yen for November 27, 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 “Triangle” 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 157.15 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 159.85 level. We should expect confirmation of the price fall with a breakout of the support level and a price consolidation below the 153.25 level.
USD/JPY Forecast Japanese Yen for November 27, 2024 suggests an attempt to test the resistance area near the 154.75 level. Then, a continuation of the fall in quotes to the area below the 150.65 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 fall option will be a strong growth and a breakout of the 157.15 area. This will indicate a breakout of the resistance level and continued growth in the pair with a potential target above the 159.85 level.
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