The post USD/JPY Price Forecast: Channeling higher appeared on BitcoinEthereumNews.com.

USD/JPY is channeling higher in a short-term uptrend.  It is likely to extend, although the medium-term bear trend risks pushing it lower again. USD/JPY has risen up in a channel since bottoming out at the September 16 low.  The rising peaks and troughs, suggest the pair might now be in a short-term uptrend, which favors long holders.  USD/JPY 4-hour Chart    Since “the trend is your friend” the short-term outlook, therefore, is mildly bullish.  A break above 144.68 (September 24 high) would provide confirmation of more upside, to a tentative target at 145.00, then 145.50 and finally in a bullish case 146.00.  A decisive break below the lower channel line, would negate the bullish bias.  The pair is in a medium-term downtrend suggesting a risk of a resumption lower, however, those risks are balanced by its long-term uptrend.   Source: https://www.fxstreet.com/news/usd-jpy-price-forecast-channeling-higher-202409241255

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Filed under: News - @ September 24, 2024 2:28 pm