FX.co ★ Forecast for USD/JPY on August 24, 2023

USD/JPY

Yesterday, the USD/JPY pair covered the entire range of target levels 145.90-144.73. This morning, it rebounded higher from the MACD line. It's possible that the bearish correction has ended, and now, once the price overcomes the nearest resistance level of 145.90, it will move towards the range of 148.00/50.

On the four-hour chart, the price is below both indicator lines. Marlin is turning upwards, but it's still in negative territory. There are no clear signals for a reversal or the end of the correction.

If the price consolidates below 144.73, the correction could deepen to 142.82. An uptrend will commence once the price consolidates above 145.90. Slightly above that is the resistance of the MACD line (146.30).