FX.co ★ Forecast for USD/JPY on June 12, 2023

USD/JPY

At the end of last week, the USD/JPY pair failed to reach the target support level at 138.60, which is the embedded line of the global price channel. However, there was a reversal of the Marlin oscillator signal line from the border of the downtrend area. This is a sign of strong growth potential. The pair has a good chance of crossing the resistance level at 140.35, and the market will reach the 142.30 target.

On the four-hour chart, the Marlin oscillator has re-entered the bullish area. The price has also moved above the balance indicator line once again. It is evident that the price intends to strengthen its upward movement.

On the 4-hour chart, the resistance level at 140.35 is reinforced by the MACD line. This level is strong, and overcoming it will positively impact the quality of the upward movement.