FX.co ★ Forecast for USD/JPY on August 28, 2023

USD/JPY:

The USD/JPY pair has consolidated above the resistance level of 145.90. This has now become a support level. The 148.00 target, which is the line of the global hyperchannel, is a signal, but the hidden force in the form of a divergence with the Marlin oscillator may bring the price back below 145.90 and even further to 144.73.

Overcoming this level means surpassing the MACD line, which could further enhance the decline to the lower line of the price hyperchannel and the support level of 143.05. In order for the price to rise further, it needs to settle above Friday's peak at 146.64.

On the four-hour chart, the price has settled above the MACD line, with the Marlin oscillator in the growth territory, but it intends to move downward. We're currently seeing bullish sentiment, but with elevated risk for the trend. If the price consolidates below 146.28 (MACD line), it might even breach 145.90.