Currency pair USD/JPY US Dollar to Japanese Yen is trading at 149.17 and continues to move within the framework of growth development and has left the bearish channel. USD/JPY quotes are moving above the upper 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 20, 2024. A correction is expected to develop and a test of the upper limit of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 148.05. Where can we expect an upward rebound and continued growth of the US Dollar against the Japanese Yen with a potential target near the level of 150.85.
Japanese Yen Forecast USD/JPY for March 20, 2024
An additional signal in favor of a rise in 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 upper border of the bearish channel. Previously, a weak signal was received to buy the Dollar/Yen pair. The signal was formed due to the intersection of signal lines at the level of 147.35. The nearest resistance area for the Dollar/Yen pair is located at 149.85. The nearest support area for the USD/JPY pair is located near the 148.25 area.
Cancellation of the option to increase 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 146.90. This option will indicate a change in the bullish trend in favor of a bearish trend and a continued fall of the pair to the area below the level of 143.75. Expect 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 149.75.
Japanese Yen Forecast USD/JPY for March 20, 2024 suggests an attempt to test the support level near the 148.05 area. Where can we expect the pair to continue to grow with a potential target near the level of 150.85. Cancellation of the option to raise the pair will be a fall and a breakdown of the area of 146.90. This will indicate a continued decline in the Dollar against the Japanese Yen with a target below the 143.75 area.
