FX.co ★ Forecast for USD/JPY on August 18, 2023

USD/JPY

On Thursday, the yen strengthened by 50 pips (fell on the chart), moving towards the support level at 144.73, which it couldn't overcome in five sessions at the end of June and the beginning of July, and strongly pulled back to the downside.

The MACD line (144.24) is approaching this support, ready to help the price in case it falls below 144.73. The signal line of the Marlin oscillator has rapidly fallen, a sign of a correction in the short-term. After it stops falling, we expect the pair to rise again to the embedded line of the global price channel around the 147.92 mark.

On the four-hour chart, the price has consolidated below the MACD indicator line, while the Marlin oscillator settled in the downtrend territory. We see a downtrend in the short-term period.