Currency pair USD/JPY US Dollar to Japanese Yen is trading at 146.76 and continues to move within the correction and bullish channel. USD/JPY quotes are moving above the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bullish trend for the Dollar/Yen pair. As part of the USD/JPY Forex forecast for September 13, 2023. 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 146.05. Where can we expect a rebound upward and continued growth of the US Dollar against the Japanese Yen with a potential target near the level of 149.45.
Japanese Yen Forecast USD/JPY for September 13, 2023
An additional signal in favor of 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. Previously, a weak signal was received to sell the Dollar/Yen pair. The signal was formed due to the intersection of signal lines at the level of 146.35. The nearest resistance area for the Dollar/Yen pair is located at 148.25. The nearest support area for the USD/JPY pair is located near the 145.95 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 145.05. 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 144.95. 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 147.65, which will indicate a breakdown of the upper boundary of the downward correction channel.
Japanese Yen Forecast USD/JPY for September 13, 2023 suggests an attempt to test the support level near the 146.05 area. Where can we expect the pair to continue to grow with a potential target near the level of 149.45. Cancellation of the option to raise the pair will be a fall and a breakdown of the area of 145.05. This will indicate a continued decline in the Dollar against the Japanese Yen with a target below the 144.95 area.
