FX.co ★ Forecast for USD/JPY on June 30, 2023

USD/JPY:

Over the past two days, the USD/JPY pair has reached the target level of 144.73. The next target will be 145.68. However, the pair is under a lot of pressure, indicated by the downward reversal of the Marlin oscillator signal line. It may form a divergence with the price.

Since the formation of the divergence is taking a long time, it may not come to fruition at all. In that case, the price may only experience a slight downward correction before it continues to rise towards the intended target of 145.68 and beyond (unless the Bank of Japan intervenes).

On the four-hour chart, the oscillator signal line is not rising; it is moving sideways within a wide range, showing a strong response to each price decline. A correction is imminent. It is likely that the price will fall towards the support level at 143.80, which will soon receive reinforcement from the MACD line. It is expected that the price will turn around from this level and start a new upward wave.