FX.co ★ Forecast for USD/JPY on February 19, 2024

USD/JPY

Last Friday, the pair failed to break above the level of 150.79. This morning, the price is falling, and the quotes may fall below the support at 149.72. If the price consolidates below this level, the next target will likely be around 148.82.

Below that level, there is ample room for a decline to 145.99. Just above this level, support can be found in the form of the MACD line. The Marlin oscillator continues to fall.

On the 4-hour chart, the price is breaking below the balance line, and the Marlin oscillator is firmly on a downward trajectory. In order for the bears to succeed, they need to overcome the MACD line (149.40).

If this does not happen, and the price rises above 150.79, the target for the upward movement is the embedded line of the global price channel at the level of 151.56.