FX.co ★ Forecast for USD/JPY on August 16, 2023

USD/JPY

The yen has paused before the target resistance level of 145.90. The Marlin oscillator has slightly turned down on the daily chart, but this could also serve as a breather before it enters the overbought territory. Consolidating above 145.90 opens the target range of 147.90-148.50.

If the price decides to correct the weekly growth, the first support will be at the 144.73 level. The MACD line is below this level, acting as the second support (144.10).

On the four-hour chart, the price is consolidating before the 145.90 level. The action is taking place above both indicator lines, indicating the strength of the uptrend. The Marlin oscillator has discharged, coming very close to the zero line, and now it has a good chance of rising further. Overcoming yesterday's low at 145.12 will open the next target at 144.73.