FX.co ★ Forecast for USD/JPY on August 9, 2023

USD/JPY

The USD/JPY pair swiftly recovered after it corrected lower on the 3rd and 4th, reclaiming the MACD indicator line on the daily chart yesterday. The Marlin oscillator didn't leave the positive territory during the correction.

Now, the target of 144.73 is in play. After surpassing it, the price could further rise towards 145.90. If it returns below 142.82 for the second time, the chances of reaching the 140.35/93 range will significantly increase. This is an alternative scenario.

On the four-hour chart, the price bounced off the MACD indicator line support twice. Currently, the price is gradually rising above the balance line. The Marlin oscillator is moving sideways but in the positive territory, which maintains the bullish bias.