The quotes of the USD/JPY currency pair continue to move within the framework of the development of a sideways correction and a bullish channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 150.83. 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 October 23, 2024, we should expect an attempt to develop a bearish price correction and a test of the support area near the level of 148.95. Next, an upward price rebound and continued growth of the USD/JPY pair to the area above the level of 154.85.
USD/JPY Forecast Japanese Yen for October 23, 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 for the Dollar Yen currency pair will be a fall and a breakout of the level of 148.25. This will indicate a breakout of the support area and a continued fall of the Dollar Yen currency 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 price consolidation above the 151.55 area, which will indicate a breakout of the upper border of the bullish channel, and this is a signal for growth by the width of the channel.
USD/JPY Forecast Japanese Yen for October 23, 2024 suggests an attempt to test the support area near the 148.95 level. Then, the continuation of the growth of quotes to the area above the 154.85 level. A test of the trend line on the relative strength indicator will be in favor of the rise of the pair. The cancellation of the growth option will be a fall and a breakout of the 148.25 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 146.45 level.
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