FX.co ★ Forecast for USD/JPY on September 29, 2023

USD/JPY

The yen is showing mixed technical signals, but this in itself is a sign of a change in trend. The Marlin oscillator's signal line has left its descending channel for a short time and is now returning to it, with the intention of going below the zero line.

The pair may not reach the 150.00 target now, although the indicators of the daily chart still allow for it. The first support level is at 148.50. The next target level is 145.90, but there are two intermediate supports along the way: 147.92, which is the price channel line, and 147.20, which is the MACD line.

On the 4-hour chart, Marlin has made a false breakout above its own range, marked by the gray rectangle. The oscillator's signal line has come close to the border of the bearish territory. In order to fully form the bearish signal, the price needs to overcome the support of the MACD indicator line (149.05).