Forecast for USD/JPY on September 15, 2023

USD/JPY

The Japanese yen reacted neutrally to the 0.54% increase in the US dollar, closing the day up by 2 pips. This increased the divergence between the price and the Marlin oscillator, whose signal line is approaching the border of the bearish territory for the second time.

There's a good chance of testing the support at 145.90. Perhaps the price will be held by the MACD line, slightly above the target level, but there is a small range within the noise. A break below this level will open up the target at 144.73. If the price surpasses the upper embedded line of the price channel (147.04), it will open the way to 148.50. The price could continue to rise towards 150.00.

On the 4-hour chart, the price is within the lower band of the range at 147.03, Thursday's low, which the MACD line is approaching. Dipping below this level could lead to a downward movement. The signal line of the Marlin oscillator is in a narrow consolidation on the neutral zero line. The market is clearly waiting for something, most likely the results of the Federal Reserve meeting on the 20th.