14.06.202405:31 Forex Analysis & Reviews: Forecast for USD/JPY on June 14, 2024

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USD/JPY

The USD/JPY pair withstood serious pressure. The bears were unable to push the price below the support level of 155.75. Now, the price has risen above the 61.8% Fibonacci level (157.00), aiming for the target of 158.00/24. The Marlin oscillator has moved into positive territory, aiding the price in reaching this target.

Consolidating above this range opens the prospect of rising to the target level of 160.40, very close to the April 29 peak, or even higher—to the upper boundary of the global channel, coinciding with the 110.0% Fibonacci level at 161.00. The stock market, which set two records this week (the S&P 500), is also supporting the dollar in its battle against the yen.

On the 4-hour chart, after rising above 157.00, the price edged back, found the support of the indicator lines strong enough, rebounded from it, and settled above 157.00 with the intention of rising further. This is also indicated by the Marlin oscillator, which has rebounded upward from the zero line.

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