FX.co ★ Forecast for USD/JPY on January 24, 2024

USD/JPY

Yesterday, the yen sharply fell by 130 pips. It did not yield any positive results, as the price closed the day at the key resistance level of 148.35. However, this drop was not in vain, as investors showed their intention. Now, we have received indirect confirmation for our target at 146.24. Breaking below this level would open up the next target at 144.95.

The Marlin oscillator continues to fall. On the 4-hour chart, the price is currently above the balance and MACD indicator lines. To push the pair lower, the price needs to settle below these lines, below the 147.97 mark.

The Marlin oscillator is in a downtrend territory. It awaits a break below the aforementioned support level. If such a breakthrough doesn't take place, an alternative scenario could lead to a bullish breakout towards the target level of 149.72. However, this is the alternative scenario.