FX.co ★ Forecast for USD/JPY on August 3, 2023

USD/JPY

On Wednesday, after a high-volatility trading, the yen closed the day at the opening level, consolidating above the confluence of four lines: the balance lines, MACD line, the target level of 142.82, and the embedded line of the price channel on the monthly chart.

As a result, the target level of 144.73 is within reach, and the price may soon reach the level of 145.90. The Marlin oscillator is in the uptrend territory, indicating a long way ahead for further growth, which could lead to a price increase up to 148.50.

On the four-hour chart, the price is above the level of 142.82, and the Marlin oscillator has slightly fallen in the bullish territory, but is prepared to extend the upward movement.