The quotes of the USD/JPY currency pair continue to move within the framework of the development of growth and a bullish channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 154.04. 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 7, 2024, we should expect an attempt to develop a price decline and a test of the support area near the level of 151.85. Next, an upward price rebound and continued growth of the USD/JPY pair to the area above the level of 159.65.
USD/JPY Forecast Japanese Yen for November 7, 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 lower border of the bullish channel. The USD/JPY currency pair’s growth option will be cancelled if it falls and breaks through the 150.25 level. This will indicate a breakout of the support area and a continued decline in the USD/JPY currency pair. In this case, we should expect the pair to continue falling to the area below 148.25. We should expect confirmation of the price rise with a breakout of the resistance level and a price consolidation above 155.05.
USD/JPY Forecast Japanese Yen for November 7, 2024 suggests an attempt to test the support area near the 151.85 level. Then, continued growth of quotes to the area above the 159.65 level. A test of the trend line on the relative strength indicator will be in favor of the pair’s growth. The growth option will be cancelled if it falls and breaks through the 150.25 area. This will indicate a breakout of the support level and a continuation of the decline in the pair with a potential target below the level of 148.25.
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