29.07.202405:28 Forex Analysis & Reviews: Forecast for USD/JPY on July 29, 2024

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USD/JPY

On Thursday and Friday, the yen experienced high volatility, but both days closed less than 20 pips above the support level of 153.60. This was a form of consolidation above the level.

This morning, the price has unexpectedly dropped below this level, and it needs to close the day below this mark to technically "open" the target range of 150.83-151.23. If the pair does not start a correction from this support, it will continue to move towards the next target at 148.82. At that point, the Marlin oscillator will already be in the oversold zone.

On the 4-hour chart, the price is already aiming to settle below the 153.60 level. The Marlin oscillator is turning down after easing from the oversold area and is ready for a new wave of decline. The balance and MACD indicator lines are moving downward. At the moment, the trend appears to be stable. We expect the price to reach the first target range of 150.83-151.23.

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