12.09.202405:31 Forex Analysis & Reviews: Forecast for USD/JPY on September 12, 2024

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The USD/JPY pair is earnestly trying to reach the target range of 139.70-140.27, but technically, it's being hindered by the Marlin oscillator, which has stubbornly refused to decline for five sessions and is close to the border with the growth territory.

In these conditions, a breakout above the upper boundary of the green price channel at 144.14 will pave the way to 146.50, or possibly higher, towards the MACD line at the resistance level of 148.82. This rise is viewed as corrective in nature. If the price breaks below the support range of 139.70–140.27, it will open up a new target range of 136.95–137.26.

In the four-hour chart, the Marlin oscillator has already entered positive territory. The price may still test the 143.60 or 144.14 levels, which could lead to a false breakout above the MACD line. Alternatively, it could be a real breakout if the price consolidates above 144.14. We await further developments.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.