The quotes of the USD/JPY currency pair continue to move within the development of a sideways correction and a bullish channel. At the time of the forecast publication, the US Dollar to Japanese Yen exchange rate is 149.84. The moving averages indicate the presence of a short-term bearish 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 the current levels. As part of the Japanese Yen exchange rate forecast for October 22, 2024, we should expect an attempt to develop a bearish price correction and a test of the support area near the 148.25 level. Then, the price will bounce upwards and the USD/JPY pair will continue to grow to the area above the 155.45 level.
USD/JPY Forecast Japanese Yen for October 22, 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 cancellation of the growth option of the Dollar/Yen currency pair will be a fall and a breakout of the 147.05 level. This will indicate a breakout of the support area and a continuation of the fall of the Dollar/Yen currency pair. In this case, we should expect a continuation of the decline of the pair to the area below the 144.85 level. We should expect confirmation of the price growth with a breakout of the resistance level and consolidation of the price above the 151.65 area.
USD/JPY Forecast Japanese Yen for October 22, 2024 suggests an attempt to test the support area near the 148.25 level. Then, continued growth of quotes to the area above the 155.45 level. A test of the trend line on the relative strength indicator will be in favor of the rise of the pair. The growth option will be cancelled by a fall and a breakout of the 147.05 area. This will indicate a breakout of the support level and a continuation of the fall in the pair with a potential target below the 144.85 level.
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