FX.co ★ Forecast for USD/JPY on February 29, 2024

USD/JPY

Wednesday became another day when the price could not overcome the support at 150.79. But today, unlike previous days, the quote broke out of the rising wedge on the daily chart and moved downwards. Simultaneously, the Marlin oscillator left the uptrend territory.

The synchronous signal strengthens the downward direction. We expect the price to reach the support at 149.72. Overcoming this level opens up the second target at 148.82. If the market, amidst the downward movement, provides a false signal, it will not be able to develop growth before consolidating above 150.79, which will take two to three days, and we cannot overlook such a reversal.

On the 4-hour chart, the price moves away from the resistance (150.79) and the MACD line by moving downward. The quote has overcome the balance line, indicating increased bearish interest. Marlin crossed the border of the downtrend. The pair is following a downward movement in the short-term. We're waiting for the pair to overcome the first target level.