The quotes of the USD/JPY currency pair continue to move within the development of the fall and have left the bullish channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 151.94. 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 forecast of the Japanese Yen exchange rate for November 6, 2024, we should expect an attempt to develop price growth and a test of the resistance area near the level of 152.25. Next, a downward price rebound and a continuation of the fall of the USD/JPY pair to the area below the level of 145.85.
USD/JPY Forecast Japanese Yen for November 6, 2024
An additional signal in favor of a decline in 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 bearish channel. Cancellation of the option of a decline in the Dollar Yen currency pair will be strong growth and a breakout of the level of 154.45. This will indicate a breakout of the resistance area and continued growth of the Dollar/Yen currency pair. In this case, we should expect the pair to continue to rise to the area above 156.75. We should expect confirmation of the price fall with a breakout of the support level and price consolidation below 148.25, which will indicate a breakout of the lower border of the bullish channel.
USD/JPY Forecast Japanese Yen for November 6, 2024 suggests an attempt to test the resistance area near 152.25. Then, a continuation of the fall in quotes to the area below 145.85. A test of the trend line on the relative strength indicator will be in favor of a decline in the pair. A strong growth and a breakout of the 154.45 area will cancel the fall option. This will indicate a breakout of the resistance level and continued growth in the pair with a potential target above 156.75.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
