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12.08.202405:08 Forex Analysis & Reviews: Forecast for USD/JPY on August 12, 2024

Relevance up to 23:00 2024-08-12 UTC--4
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Last Thursday, the yen consolidated above the 146.50 level, which was confirmed on Friday. Today, the pair began the day by trading higher. The Marlin oscillator is pointing upward as it exits the oversold zone. In terms of consolidation of the correction, the probability of reaching a new resistance at 148.82 prevails.

Exchange Rates 12.08.2024 analysis

On the 4-hour chart, the price is consolidating above 146.50, and the MACD line, which is also a sign of potential growth. The signal line of the Marlin oscillator is moving sideways in a narrow range, likely consolidating before a new wave of growth. This scenario could be disrupted if the price consolidates below the 146.50 level, which would also mean a consolidation below the MACD line if the Marlin oscillator moves into negative territory.

Exchange Rates 12.08.2024 analysis

The movement's target will be the range of 144.30-145.08. Overall, there is a risk of forming a triangle (dashed on the daily chart), which increases the likelihood of the USD/JPY pair's decline after its formation is completed.

Laurie Bailey
Analytical expert of InstaForex
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