FX.co ★ Forecast for USD/JPY on March 4, 2024

USD/JPY

Despite going through increased volatility on Thursday, the USD/JPY pair stayed within the usual range of 149.72-150.79 on Friday, closing the day with a small white candle. In today's Asian session, the pair showed an intention to rise further, but the Marlin oscillator has settled in negative territory and continues to decline.

We still believe that last week's break below the level of 149.72 showed the bears' intention to reach at least the target level of 148.82. A consolidation below it will indicate the bears' victory in the short-term, and support the desire to test the next support - the MACD line around the 147.56 level.

On the 4-hour chart, the price is falling below the balance and MACD indicator lines. The MACD line itself is turning down, indicating plans of forming a medium-term trend. The Marlin oscillator has returned to negative territory. The bearish momentum remains firm.