The quotes of the USD/JPY currency pair continue to move within the development of a bullish correction and the beginning of the implementation of the “Head and Shoulders” pattern. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 151.54. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the US Dollar and a potential continuation of the fall in prices from the current levels. As part of the forecast of the Japanese Yen exchange rate for November 29, 2024, we should expect an attempt to develop growth and a test of the resistance area near the level of 152.05. Then, a downward price rebound and a continuation of the fall of the USD/JPY pair to the area below the level of 145.95.
USD/JPY Forecast Japanese Yen for November 29, 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 descending channel. The cancellation of the decline option for the Dollar Yen currency pair will be a strong growth and a breakout of the 154.75 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 156.85 level. We should expect confirmation of the price fall with a breakout of the support level and a price consolidation below the 148.45 level, which will indicate a breakout of the lower border of the bullish channel.
USD/JPY Forecast Japanese Yen for November 29, 2024 suggests an attempt to test the resistance area near the 152.05 level. Then, a continuation of the fall in quotes to the area below the 145.95 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 154.75 area. This will indicate a breakout of the resistance level and continued growth for the pair with a potential target above 156.85.
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