02.10.202404:43 Forex Analysis & Reviews: Forecast for USD/JPY on October 2, 2024

Relevance up to 22:00 2024-10-02 UTC--4

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Yesterday, the yen held around the 143.60 level. This morning, the pair is trying to rise. If this upward movement continues, the price will encounter resistance at the MACD line and the target level of 146.50. This level is crucial, as a breakout above the MACD line would provide the basis for further growth, tentatively in the range of 150.83-151.87, which aligns with the 50% correction of the entire move from July 3rd.

If major players do not intend to push the quote that high, there might not even be an attack on 146.50. The price could soon consolidate below 143.60 and work through the bearish range of 139.70–140.27.

On the four-hour chart, the price is consolidating above the 143.60 level, having settled above the MACD line. The only obstacle left is to surpass the balance line (the red moving average).

Currently, Marlin is in positive territory, but it appears to be moving sideways within a narrow range, which means the support for the price's upward potential is weak. If the price breaks through yesterday's low of 142.98, the downward movement could gain total momentum.

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