17.12.202405:19 Forex Analysis & Reviews: USD/JPY Forecast for December 17, 2024

Relevance up to 21:00 2024-12-17 UTC--5

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The USD/JPY pair successfully broke through the key resistance level of 153.60 and approached the intermediate level of 154.72. Overcoming this level would allow the price to continue upward toward 156.79. However, readings from the Marlin oscillator indicate that the dollar's momentum is weakening.

The primary scenario now suggests a return of the price below 153.60, with further downward movement toward 150.83, after breaking through the intermediate support at 152.16. The significance of the 150.83 level is reinforced by the MACD line approaching it.Key events to watch remain the Federal Reserve's meeting tomorrow and the Bank of Japan's meeting on Thursday.

In the 4-hour timeframe, the prolonged consolidation of the Marlin oscillator suggests a price reversal as the main scenario. A solid move below 153.60 will serve as the first confirming signal of this reversal.

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