USDJPY Predicted to Rise as USD Weakens

Andrew Fischer · 05 Dec 2023 5.6K Views


Technical Analysis

Signal: Continuation Bearish / Down

Supply Level: 2049.51 - 2043.12

The prediction for Gold this afternoon is likely to continue its decline. It appears to align with this morning's forecast that touched the price range of $2037 and the current price hovering around $2033-2032. Although it's not significantly lower, it seems that after this correction pattern, there could be a fairly substantial drop. This is because the short-term downtrend pattern seems unfinished; it's anticipated to persist and is predicted to hit support in the price range of $2018-2017. Caution is advised beforehand as there will be news tonight that might weaken the USD or potentially strengthen it temporarily, followed by a likely subsequent weakening against the USD. Understanding this context is essential. Based on the trend, there still seems to be potential for the current conditions to continue, and the candlestick pattern also supports the downtrend as there are no significant signs of reversal at the moment.


Technical Analysis

Signal: Continuation Bullish / Upward

Demand Level: 146.900 - 146.682

The prediction for the USD suggests a tendency to rise in the short term, despite its current slight decline. However, there remains potential for an upward movement as previously planned earlier today. This short-term uptrend is likely to continue nearing the support level, indicating a predicted upward reversal based on the earlier roadmap or forecast. Hence, it can be concluded that the price is still inclined to rise, albeit only in the short term. This needs attention and can be managed through money management aligned with your trading strategy.

As for the news later tonight, it's anticipated that the USD might weaken, albeit not significantly, and possibly experience further depreciation post-news due to the long-term downward trend against the USD and the strengthening of the Yen.


Technical Analysis

Signal: Continuation Bearish / Downward

Supply Levels: 0.66252 – 0.66190

The prediction for the Australian Dollar shows a decline, and this morning's news on the 'RBA Interest Rate Decision' indicated weakness for the Australian Dollar. This suggests that based on the data, there is still similarity to previous data, potentially leading to a weakening or continuation of the decline for the Australian Dollar, aligning with this morning's prediction. However, this decline seems likely to persist, considering tonight's news against the USD, which seems inclined to weaken against the USD or experience a downturn after the release of the news. This needs attention. The trend still supports a downward movement for the current situation, and it appears this prediction will continue for today.

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