24.10.202404:58 Forex Analysis & Reviews: Forecast for USD/JPY on October 24, 2024

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The USD/JPY pair has broken out of the "flag" chart pattern and is now targeting the May 16 low of 153.60.

With Japan's parliamentary elections and the risk of forming a coalition government (which has historically led to frequent government resignations), the yen's near future (a few weeks) appears chaotic. It will likely fluctuate within the range of 150.83-156.79.

The price has moved above the balance and MACD indicator lines on the weekly chart, and the Marlin oscillator has surged into positive territory. The pair's outlook points toward 163.22, the upper boundary of the blue 12-year price channel.

On the H4 chart, the price is developing above both indicator lines, while the Marlin oscillator is slightly declining within the uptrend territory. The price may see a minor correction from the target resistance at 153.60 before heading towards the 155.75 level.

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