FX.co ★ Forecast for USD/JPY on February 1, 2024

USD/JPY

Yesterday, USD/JPY showed strong downward movement, and the pair tested the area of the target support line and the target level of 146.10. Consolidation below this level opens up broad possibilities for further downward movement.

The target levels for such a move are marked on the chart: 144.64, 143.90, 143.02, 142.25. The Marlin oscillator is eager to enter the downtrend territory to completely join the downward movement.

On the 4-hour chart, the Marlin oscillator has settled in the downtrend territory, the price has been stable below the balance indicator line, and the MACD line has turned downwards. The situation is entirely bearish. We are waiting to confirm if the price is firmly below the level of 146.10 as well as further downward movement.