Currency pair USD/JPY US Dollar to Japanese Yen completes the trading week near the level of 145.47 and continues to move as part of a sideways correction 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 area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 145.05. Where should we expect an attempt to rebound upwards and continue the growth of the USD/JPY currency pair with a target near the level of 151.75.
Japanese Yen Forecast September 4 — 8, 2023
An additional signal in favor of the pair rising in the current trading week on September 4 — 8, 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. Earlier, a medium-strength signal was received for buying the Dollar/Yen pair. The signal was formed due to the crossing of signal lines at the level of 141.15.
Cancellation of the growth option for 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 139.85. This will indicate a change in the bullish trend in favor of the bearish trend and the continued fall of the pair on Forex with the target below the level of 137.25. It is worth expecting an acceleration in the growth of USD/JPY quotes with a breakdown of the resistance area and closing above the level of 150.45, which will indicate a breakdown of the upper limit of the bullish channel, and this is a signal to increase the width of the channel.
Japanese Yen Forecast September 4 — 8, 2023 suggests an attempt to develop a correction to the level of 145.05. Where should we expect a rebound and continued growth of the pair with a potential target near the level of 151.75. In favor of the rise of the pair, a test of the lower border of the bullish channel will come out. Cancellation of the growth option for the currency pair will be a breakdown of the area of 139.85. In this case, we should expect a continuation of the fall with the target below the level of 137.25
