Currency pair USD/JPY US Dollar to Japanese Yen is trading at 149.77 and continues to move as part of the development of a correction and a bullish 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 7, 2024. A correction is expected to develop and a test of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 150.05. 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 148.05.
Japanese Yen Forecast USD/JPY for March 7, 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 150.45. The nearest support area for the USD/JPY pair is located near the 149.15 area.
Cancellation of the option to reduce quotes for the USD/JPY pair will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above the 150.45 area. 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 152.95. 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 149.15, which will indicate a breakdown of the lower boundary of the bullish channel.
Japanese Yen Forecast USD/JPY for March 7, 2024 suggests an attempt to test the resistance level near the 150.05 area. Where can we expect the pair to continue to fall with a potential target near the level of 148.05. Cancellation of the option to reduce the pair will be a strong growth and a breakdown of the 150.45 area. This will indicate a continued rise in the Dollar rate against the Japanese Yen with a target above the 152.95 area.
