21.08.202405:04 Forex Analysis & Reviews: Forecast for USD/JPY on August 21, 2024

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The USD/JPY pair, after successfully breaking through the support level at 146.50, has consolidated below this level on the daily chart. At the same time, the price consolidated below the 23.6% Fibonacci level. The signal line of the Marlin oscillator is moving in line with the price but with slowing momentum, which is a warning sign of potential complications in the ongoing upward correction.

The price may return to the level of 148.82. If it can break through the support at 144.30, then the oscillator's slowdown can be perceived as a normalization of dynamics following a period of Japanese central bank interventions. This would open the target range of 139.70-140.27.

In the 4-hour chart, the price has settled below the MACD line. The Marlin oscillator is consolidating in bearish territory. According to the main scenario, we expect the price to continue falling below the level of 144.30.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.