27.02.202405:14 Forex Analysis & Reviews: Forecast for USD/JPY on February 27, 2024

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USD/JPY

USD/JPY rally slowed at the resistance level of 150.79 and began to reverse after three unsuccessful attempts to break through the level. It appears that the pair's direction will shift downward soon, so once the price surpasses the level of 149.72, moving towards 148.82 will be easier. The fall of the Marlin oscillator also indicates the impending decline of the pair.

On the four-hour chart, the price already dropped below the MACD line, while the Marlin oscillator will soon turn downward, just like in the daily chart.

The pair bounced back from the upper boundary of the range 149.72-150.79, and upon overcoming the MACD line, the formation of the range may be completed. However, if the price manages to consolidate above 150.79, a rise towards the target level of 151.95 (peak on November 13) will occur.

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