Currency pair USD/JPY US Dollar to Japanese Yen is trading at 147.32 and continues to move as part of the development of a bullish correction and a bearish channel. USD/JPY quotes are moving below the lower Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bearish trend for the Dollar/Yen pair. As part of the USD/JPY Forex forecast for March 13, 2024. 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 147.75. Where can we expect a downward rebound and continued decline of the US Dollar against the Japanese Yen with a potential target near the level of 145.35.
Japanese Yen Forecast USD/JPY for March 13, 2024
An additional signal in favor of a decline in the USD/JPY currency pair on FOREX will be a test of the resistance area on the price chart. The second signal will be a breakdown of the upper border of the bearish channel. Earlier, a strong signal was received to sell the Dollar/Yen pair. The signal was formed due to the intersection of signal lines at the level of 149.85. The nearest resistance area for the Dollar/Yen pair is located at 147.65. The nearest support area for the USD/JPY pair is located near the 146.05 area.
Cancellation of the option to reduce the quotes of the USD/JPY pair will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 149.55. This option will indicate a change in the bearish trend in favor of the bullish trend and continued growth of the pair to the area above the level of 152.25. Expect an acceleration in the fall of USD/JPY quotes with a breakdown of the support area and closing of the price below the level of 146.25.
Japanese Yen Forecast USD/JPY for March 13, 2024 suggests an attempt to test the resistance level near the 147.75 area. Where can we expect the pair to continue to fall with a potential target near the level of 145.35. Cancellation of the option to reduce the pair will be a strong growth and a breakdown of the area of 149.55. This will indicate a continued rise in the Dollar rate against the Japanese Yen with a target above the area of 152.25.
