Currency pair USD/JPY US Dollar to Japanese Yen is trading at 146.30 and continues to move within the growth and bullish channel. USD/JPY quotes are moving above the upper border of the Cloud indicator Ichimoku Kinko Hyo. This indicates a bullish trend for the Dollar/Yen pair. As part of the Forex forecast USD/JPY for August 18, 2023. A correction is expected to develop and a test of the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 145.05. Where should we expect a rebound upwards and continued growth of the US Dollar against the Japanese Yen with a potential target near the level of 147.85.
Japanese Yen Forecast USD/JPY for August 18, 2023
An additional signal in favor of the growth 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 142.65. The nearest resistance area for the Dollar/Yen pair is located at 147.45. The nearest support area for the USD/JPY pair is located near the 145.15 area.
Cancellation of the growth option for the USD/JPY pair quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with quotes closing below the 142.75 area. 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 139.65. It is worth expecting 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 148.05, 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 USD/JPY for August 18, 2023 suggests an attempt to test the support level near the area of 145.05. Where should we expect the pair to continue to grow with a potential target near the level of 147.85. Cancellation of the pair’s rise option will be a fall and a breakdown of the 142.75 area. This will indicate a continued decline in the Dollar against the Japanese Yen with a target below the 139.65 area.
