06.08.202405:22 Forex Analysis & Reviews: Forecast for USD/JPY on August 6, 2024

Relevance up to 23:00 2024-08-06 UTC--4

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USD/JPY

The USD/JPY pair has been falling for five weeks. The Marlin oscillator is starting to turn upwards, but the price can still reach the target level of 140.27, which is the low from last December and nearly coincides with the 61.8% corrective level.

On the daily chart, the price bounced after dropping 480 pips. The pair closed the day down by 233 pips. Today, the price's upper shadow reached the target resistance of 146.50, thus completing the range of yesterday's movement.

Now, the price can leisurely proceed to 140.26, from where it will enter a correction, likely back to the range of 144.30-145.08. The Marlin oscillator is in oversold territory.

On the 4-hour chart, the Marlin oscillator has come out of the oversold zone. The price is settling in the range of 144.30-145.08, after which it may resume the decline. We're waiting for the price at the target level of 140.27, followed by a corrective return to the range, to meet the Marlin oscillator.

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