FX.co ★ Forecast for USD/JPY on May 3, 2024

USD/JPY

The yen continues to actively fluctuate. Yesterday's trading range exceeded 3 figures, closing the day down by 93 pips. The pair continues to fall in today's Pacific session. We are about 70 pips away from the nearest target support at 152.50 (the MACD line on the daily timeframe).

If the price consolidates below the MACD line, the next target will be 150.90. The pair could start a corrective movement from this level until the entire movement from the April 29th peak, after that we expect it to fall towards the target level of 146.50 – the March low. The Marlin oscillator has settled in the downtrend territory, supporting the yen in its growth against the dollar in the medium-term.

There are no additional or clarifying points on the 4-hour chart. The price is falling below the balance and MACD indicator lines, with Marlin in negative territory. We expect the USD/JPY pair to fall further.