The quotes of the USD/JPY currency pair continue to move within the development of the correction and the bullish channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 151.93. 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 potential continuation of price growth from current levels. As part of the Japanese Yen exchange rate forecast for November 5, 2024, we should expect an attempt to develop a bearish price correction and a test of the support area near the level of 151.35. Next, an upward price rebound and continued growth of the USD/JPY pair to the area above the level of 158.45.
USD/JPY Forecast Japanese Yen for November 5, 2024
An additional signal in favor of the rise of the USD/JPY currency pair will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the upper border of the bearish channel. The USD/JPY growth scenario will be cancelled if the pair falls and breaks through the 149.05 level. This will indicate a breakout of the support area and continued decline of the USD/JPY pair. In this case, we should expect the pair to continue to decline to the area below 146.45. We should expect confirmation of the price growth with a breakout of the resistance level and consolidation of the price above the 152.35 area.
USD/JPY Forecast Japanese Yen for November 5, 2024 suggests an attempt to test the support area near the 151.35 level. Then, continued growth of quotes to the area above the 158.45 level. A test of the trend line on the relative strength indicator will be in favor of the pair’s rise. The growth scenario will be cancelled if the pair falls and breaks through the 149.05 area. This will indicate a breakout of the support level and continued decline in the pair with a potential target below the 146.45 level.
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