FX.co ★ Forecast for USD/JPY on Jul 4, 2023

USD/JPY

The price has not been able to rise above the resistance level of 144.73 for the fourth session. The Marlin oscillator has grown tired of waiting and has essentially formed a full reversal divergence with the price. A corrective decline to the nearest price channel line (142.65) is possible.

An attempt to overcome this can push the price to hit the 142.30 level. If, by any chance, the price consolidates above 144.73, then the price can overcome the 145.68 level and it will continue to rise towards the strategic target of 147.40.

On the 4-hour chart, the price still maintains a bullish bias, but it gets weaker with every candlestick, because if the consolidation continues, the price will end up below the MACD line (blue, 144.22). The Marlin oscillator is already in the red. We await further developments.