FX.co ★ Forecast for USD/JPY on August 7, 2023

USD/JPY:

On Friday, the USD/JPY pair fell by 79 pips, extending the downward movement from Thursday. The movement for the last two sessions was quite unusual as it had previously consolidated above strong technical levels around the target level of 142.82.

However, the Marlin oscillator managed to stay in positive territory, aiding the price in recouping losses. We expect the pair to return above 142.82, even possibly rise towards the target level at 144.73. Critical supports are located at the lower range of 140.35/93.

On the four-hour chart, the price is reversing from the MACD line. Marlin gives the impression that it will return to the uptrend area. Marlin will likely cross the boundary when the price moves above the August 2nd low of 142.25.