FX.co ★ Forecast for USD/JPY on June 22, 2023

USD/JPY:

On Wednesday, the yen tested the target level of 142.30 once again. Judging by the descending Marlin oscillator, this was the bulls' last attempt to launch an attack in the near future. Divergence is intensifying, and the price may return to the green channel.

If the price holds below the upper band of this channel, it may reach the 140.35 target. This may be followed by a further decline towards the target of 138.78, the embedded line of the price channel (blue channel) on the higher chart, which coincides with the June 9th low. Holding above 142.30 opens up the nearest bullish target of 143.20.

On the four-hour chart, the Marlin oscillator has entered the downtrend territory. On the way to the target level of 140.35, there is the MACD line, which plays the role of intermediate support (140.82). There's a chance that the price may not surpass this line.