FX.co ★ Forecast for USD/JPY on February 21, 2024

USD/JPY

Yesterday, the USD/JPY pair closed the day slightly lower, failing to overcome the support at 149.72. Thus, the price is forming a consolidation before this level, presumably to overcome this mark. If it succeeds, the next target will be 148.82.

If the support holds and the price follows the path of least resistance towards the level of 150.79, then the price may continue to rise to the channel line at 151.56. This is an alternative scenario. For now, the dollar is experiencing pressure from the technical divergence, and its decline seems to be the main scenario.

On the 4-hour chart, the price also received support from the MACD indicator line. It is possible to extend the consolidation (for one day) before another, a more significant bearish breakout. The Marlin oscillator is progressing along a downward trajectory.