Currency pair USD/JPY US Dollar to Japanese Yen ends the trading week near the level of 147.36 and continues to move within the framework of growth and a bullish channel. The pair is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bullish trend for the Dollar/Yen pair. A correction is expected to develop and a test of the signal line area of the Ichimoku Kinko Hyo indicator is expected near the level of 146.35. 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 152.35.
Japanese Yen Forecast September 11 — 15, 2023
An additional signal in favor of the pair’s rise in the current trading week on September 11 — 15, 2023 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 signal of medium strength was received for buying the Dollar/Yen pair. The signal was formed due to the intersection of signal lines at the level of 141.15.
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 140.25. This will indicate a change in the bullish trend in favor of a bearish trend and a continued fall of the pair on Forex with a target below the level of 137.65. Expect an acceleration in the growth of USD/JPY quotes with a breakdown of the resistance area and closing above the level of 150.85, which will indicate a breakdown of the upper boundary of the bullish channel, and this is a signal for growth by the width of the channel.
Japanese Yen Forecast September 11 — 15, 2023 suggests an attempt to develop a correction to the level of 146.35. Where can we expect a rebound and continued growth of the pair with a potential target near the level of 152.35. A test of the lower boundary of the bullish channel will support the rise of the pair. Cancellation of the growth option for the currency pair will be a breakdown of the 140.25 area. In this case, we should expect a continuation of the fall with a target below the level of 137.65.
