FX.co ★ Forecast for USD/JPY on August 11, 2023

USD/JPY

The USD/JPY pair covered a significant distance yesterday, hitting the 144.73 target. On the daily chart, the Marlin oscillator shows the first sign of a reversal, suggesting a potential correction. Although the price has risen a bit towards the deep correction level of 142.82, there is still room for it to grow further to 145.90.

Yesterday's trading volume was above average, increasing the chances of succeeding growth slightly more than that of a correction. On the four-hour chart, the price has symbolically stayed above the reached level. However, since Marlin is turning downward, this consolidation might be insufficient for further growth.

The most likely scenario could involve a shallow correction to 143.90, which aligns with the MACD indicator line, coinciding with the peak of August 3. Subsequently, a new wave of growth could aim for 145.90.