08.07.202405:24 Forex Analysis & Reviews: Forecast for USD/JPY on July 8, 2024

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USD/JPY

The double divergence on the weekly chart is pushing the price down from the upper boundary of the channel.

The price could correct by 61.8% from the one-and-a-half-year upward movement at the level of 140.47, which coincides with the December 2023 low. It is quite possible that the Bank of Japan may not even need to resort to interventions if events continue to develop naturally under their own weight.

This morning, the price is trying to break through the support level of 160.40, which it failed to do on Friday. If the price consolidates below this support level, the next task will be to consolidate below the MACD line, below the mark of 159.22. This would pave the way for the price to reach the target level of 155.75.

On the 4-hour chart, the price has consolidated below the balance and MACD lines, and the Marlin oscillator continues to fall in the downward trend territory. We expect the pair to fall further.

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