Currency pair USD/JPY US Dollar to Japanese Yen ends the trading week near the level of 148.63 and continues to move as part of the development of the correction and bullish channel. The pair is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend for the Dollar/Yen pair. A correction is expected to develop and a test of the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 147.35. Where can we expect an attempt to rebound upward and continue to grow in the USD/JPY currency pair with a target near the level of 153.65.
Japanese Yen Forecast March 18 — 22, 2024
An additional signal in favor of the pair’s growth in the current trading week on March 18 — 22, 2024 will be a test of the support level on the price chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a weak signal was received to sell the Dollar/Yen pair. The signal was formed due to the intersection of signal lines at the level of 148.55.
Cancellation of the option to increase the pair’s quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 144.05. This will indicate a change in the bullish trend in favor of a bearish trend and the continuation of the fall of the pair on Forex with a target below the level of 142.25. Expect an acceleration in the growth of USD/JPY quotes with a breakdown of the resistance area and closing of the price above the level of 151.05.
Japanese Yen Forecast March 18 — 22, 2024 suggests an attempt to develop a bearish correction to the level of 147.35. Where can we expect a rebound and continued growth of the pair with a potential target near the level of 153.65. A test of the upper boundary of the bearish channel will support the growth of the pair. Cancellation of the option to raise the currency pair will be a breakdown of the area of 144.05. In this case, we should expect a continuation of the fall with a target below the level of 142.25.
