Currency pair USD/JPY US Dollar to Japanese Yen is trading at 138.54 and continues to move within the growth and bullish channel. USD/JPY quotes are moving above the upper border of the Ichimoku Kinko Hyo Cloud. This indicates a bullish trend for the Dollar/Yen pair. As part of the Forex forecast USD/JPY for August 31, 2022. It is expected that the correction will continue to develop and the area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 137.05 is expected to be tested. Where should we expect a rebound and continued growth of the US Dollar against the Japanese Yen with a potential target near the level of 143.05.
Japanese Yen Forecast USD/JPY August 31, 2022
An additional signal in favor of the rise of the USD/JPY currency pair on FOREX will be a test of the support area on the price chart. The second signal will be a rebound from the lower border of the bullish channel. Earlier, a strong signal was received for buying the Dollar/Yen pair. The signal was formed due to the crossing of the signal lines at the level of 136.85.
Cancellation of the option to raise the quotes of the USD/JPY pair will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 134.35. This option will indicate a change in the bullish trend in favor of the bearish trend and the continuation of the fall of the pair to the area below the level of 132.65. It is worth expecting an acceleration of the rise in USD/JPY quotes with a breakdown of the resistance area and closing of the price above the level of 140.65, which will indicate a breakdown of the upper limit of the bullish channel, and this is a strong signal for an increase in the width of the channel.
Japanese Yen Forecast USD/JPY August 31, 2022 suggests an attempt to test the support level near the area of 137.05. Where should we expect the pair to continue growing with a potential target near the level of 143.05. Cancellation of the pair’s rise option will be a fall and a breakdown of the 134.35 area. This will indicate a continued decline in the Dollar against the Japanese Yen with a target below the 132.65 area.
